Vanderbilt Career Center

Learning from Finance Industry Insiders - January 20th, 2009.

Total Access: Investment Banking brought 10 management level staff from several areas of the finance industry to discuss how the industry is changing.  The event was comprised of two panels (the first focusing on investment banking while the second looked at wealth management and sales&trading) that looked at what is changing and what is remaining the same given recent changes in the market.  Here is some of what was discussed:

How the industry is changing:
• more firms are being created—these will compete with name brand firms
• firms will continue to hire—they will just be more selective
• investment banking is growing – when Bear Stearns went under, they had more employees working there than all of the firms on Wall Street 40 years ago
• the market and the industry is cyclical, there are regularly low points and high points (as history indicates), be ready for these changes

How to get into the industry:
• call your friends that have the job that you want and learn how they did it
• get in the bank environment—consider working for a commercial bank in the lending department
• be willing to work for little or for free to get some initial experience
• network, network, network – it isn’t just part of getting the job, in many ways it is the job
• be willing to learn, be politely persistent, creative, thoughtful, and sincere in your job search
• remember that there is more than one way into a position in finance
• be very clear about why you want to work in _______ (fill in area you want to work in)
• if you are looking for opportunities—get out and get in front of decision makers (those who have the power to hire for a position)

Coursework suggestions:
• take classes like financial accounting, corporate finance, financial management – ask Vanderbilt alumni who are working where you want to work about which courses are best
• consider taking a one year accounting program
• negotiation skills may be the most useful lessons learned that you can take from your education
• have more than one option after graduation--consider applying for graduate school while you are doing your job search

Doing your research:
• understand the differences between firms and think about where you’d fit best
• visit company websites and company magazines to keep up on what’s going on, and especially in preparing for an interview
• learn the talk and the lingo of the part of the industry you want to go into
• read “Barbarians at the Gate” by Burrough&Helyar to see what a big deal is like
• learn about the industry by reading and by talking with alumni/connections via 15 minute phone conversations
• stay current by reading publications like the Wall Street Journal
• look at the different functions of a companies--some may be doing well while others are not

Tips for success in finance:
• when you make a mistake, raise your hand and admit it
• mentors matter - cultivate a relationship with those who have demonstrated mentoring skills and with whom your personality fits
• imagination may be the most under-rated ability - consider exercising your imagination with a wide variety of new activities
• reflect on your strengths, what makes you different from others, really look at how this might affect where you are headed

The chart below is a list of who presented in this event. Bios for the presenters are available here as a PDF.

Here is information on some of the companies who were represented at this event:
Morgan Joseph's PowerPoint Presentation
Raymond James PowerPoint Presentation