Financial Careers: Most Popular Articles
These articles are the most popular over the last month.
Risk Management
Risk management involves assessing and quantifying business risks, then taking measures to control or reduce them. The risk management function is especially vital in periods of market instability and economic uncertainty.
Risk management involves assessing and quantifying business risks, then taking measures to control or reduce them. The risk management function is especially vital in periods of market instability and economic uncertainty.
Job Titles
Important facts about job titles in financial services.
Important facts about job titles in financial services.
Financial Advisor
Essential facts about careers as a financial advisor or financial consultant, the contemporary titles for what commonly used to be called stockbroker, broker, account executive or registered representative. Includes info about educational requirements, certifications, duties, responsibilities and pay.
Essential facts about careers as a financial advisor or financial consultant, the contemporary titles for what commonly used to be called stockbroker, broker, account executive or registered representative. Includes info about educational requirements, certifications, duties, responsibilities and pay.
Networking
Networking is important to career development, opening up opportunities for advancement and for finding new openings in the face of mergers and force reductions. Additionally, adept networking is a time-honored way to increase your knowledge and to get assistance when faced with job-related questions or problems that are beyond your expertise.
Networking is important to career development, opening up opportunities for advancement and for finding new openings in the face of mergers and force reductions. Additionally, adept networking is a time-honored way to increase your knowledge and to get assistance when faced with job-related questions or problems that are beyond your expertise.
Controller
As the name implies, the controller function controls access to and the expenditure of company funds. Controllers and their staffs take a leading role in budgeting, reporting and the analysis of financial results. The financial services industry is particularly noteworthy for giving controllers wide-ranging responsibilities that involve many critical aspects of management.
As the name implies, the controller function controls access to and the expenditure of company funds. Controllers and their staffs take a leading role in budgeting, reporting and the analysis of financial results. The financial services industry is particularly noteworthy for giving controllers wide-ranging responsibilities that involve many critical aspects of management.
Big Four
The Big Four public accounting firms dominate the sector in terms of both size and prestige. These are the accounting firms that are used by the largest corporations and nonprofits. The Big Four also are leading players in the consulting field, especially in the realms of systems and operations.
The Big Four public accounting firms dominate the sector in terms of both size and prestige. These are the accounting firms that are used by the largest corporations and nonprofits. The Big Four also are leading players in the consulting field, especially in the realms of systems and operations.
Sales Assistant
Essential information about entering a career as a sales assistant to a financial advisor.
Essential information about entering a career as a sales assistant to a financial advisor.
CPA
While a CPA (Certified Public Accountant) license is not required for the vast majority of career paths within financial services, holding one can open doors within the industry. The CPA designation will enhance your credibility as someone who has quantitative skills and a professional attitude.
While a CPA (Certified Public Accountant) license is not required for the vast majority of career paths within financial services, holding one can open doors within the industry. The CPA designation will enhance your credibility as someone who has quantitative skills and a professional attitude.
Coporate Treasury
Corporate treasury manages a company’s cash flows in the most efficient and profitable fashion possible. It also involves forecasting future needs for funding and seeking the best alternatives for obtaining it. It's a fast-paced, high-paying field with aspects of money management and investment banking.
Corporate treasury manages a company’s cash flows in the most efficient and profitable fashion possible. It also involves forecasting future needs for funding and seeking the best alternatives for obtaining it. It's a fast-paced, high-paying field with aspects of money management and investment banking.
Why Financial Services?
Leading reasons why financial services careers are an attractive option for ambitious people.
Leading reasons why financial services careers are an attractive option for ambitious people.
Best Places for FAs
The annual Financial Advisor Satisfaction Survey from J.D. Power and Associates offers useful insights into how financial advisors view their firms and where they prefer to work.
The annual Financial Advisor Satisfaction Survey from J.D. Power and Associates offers useful insights into how financial advisors view their firms and where they prefer to work.
Rating Agencies
Credit rating agencies are key players in the financial markets, assessing the ability of corporate and governmental borrowers to incur and service debt, and the interest rate cost that they face. They are major employers and trainers of people in the field of securities research and securities analysis.
Credit rating agencies are key players in the financial markets, assessing the ability of corporate and governmental borrowers to incur and service debt, and the interest rate cost that they face. They are major employers and trainers of people in the field of securities research and securities analysis.
Management Reporting
A critical function performed by controllers, chief financial officers and their staffs is the development, maintenance and utilization of management reporting systems. While management reporting often focuses on financial data, such as revenues, expenses and profits, it also can include a variety of non-financial metrics that are barometers of the firm's health. Analysis of the data tracked by these systems is a significant part of the value added by people in these functional areas.
A critical function performed by controllers, chief financial officers and their staffs is the development, maintenance and utilization of management reporting systems. While management reporting often focuses on financial data, such as revenues, expenses and profits, it also can include a variety of non-financial metrics that are barometers of the firm's health. Analysis of the data tracked by these systems is a significant part of the value added by people in these functional areas.
CFA
The Chartered Financial Analyst (CFA) certification.
The Chartered Financial Analyst (CFA) certification.
Loan Officer
A loan officer works for a bank, credit union or other financial institution that extends loans to individuals or business. A loan officer assists prospective borrowers in applying for loans and assessing their creditworthiness.
A loan officer works for a bank, credit union or other financial institution that extends loans to individuals or business. A loan officer assists prospective borrowers in applying for loans and assessing their creditworthiness.
The SEC
The Securities and Exchange Commission (the SEC), a department of the federal government, is the principal regulatory body for the securities markets in the U.S.
The Securities and Exchange Commission (the SEC), a department of the federal government, is the principal regulatory body for the securities markets in the U.S.
Financial Assets
The definition of financial assets, also known as investable assets, a common measure of individual or household wealth.
The definition of financial assets, also known as investable assets, a common measure of individual or household wealth.
Public Accounting Firms
Public accounting firms are vital cogs in the financial system and highly-regarded training grounds for professionals throughout the financial services industry, as well as in other industries.
Public accounting firms are vital cogs in the financial system and highly-regarded training grounds for professionals throughout the financial services industry, as well as in other industries.
Insurance Underwriters
Insurance underwriters perform the essential analytic work of evaluating applications for insurance, determining whether policies should be issued (written) and setting premiums and other terms.
Insurance underwriters perform the essential analytic work of evaluating applications for insurance, determining whether policies should be issued (written) and setting premiums and other terms.
The Financial Services Industry
Financial careers and the financial services industry are exciting and rewarding options for high energy people. Look here for an overview of what the financial field encompasses and how it might be the right path for you.
Financial careers and the financial services industry are exciting and rewarding options for high energy people. Look here for an overview of what the financial field encompasses and how it might be the right path for you.
Branch Manager
A branch manager is in charge of a sales office affiliated with a securities firm, supervising financial advisors and other personnel. Branch managers typically are drawn from the ranks of financial advisors themselves.
A branch manager is in charge of a sales office affiliated with a securities firm, supervising financial advisors and other personnel. Branch managers typically are drawn from the ranks of financial advisors themselves.
Capital Budget
A capital budget includes planned outlays for long-lived assets that are expected to help generate income or support business operations over a number of years.
A capital budget includes planned outlays for long-lived assets that are expected to help generate income or support business operations over a number of years.
Margin Loans
The definition of margin loans.
The definition of margin loans.
Job Titles Matter
Job titles are badges of authority. Not getting the title appropriate to the position can undermine your standing both inside your company and with outsiders such as clients
Job titles are badges of authority. Not getting the title appropriate to the position can undermine your standing both inside your company and with outsiders such as clients
Job Descriptions
Within the financial services industry, especially in administrative and support positions, employees are expected to be highly productive multitaskers, often performing duties far beyond those in their formal job descriptions.
Within the financial services industry, especially in administrative and support positions, employees are expected to be highly productive multitaskers, often performing duties far beyond those in their formal job descriptions.
Legacy Systems
Legacy systems represent obsolete information technology. Nonetheless, many leading financial services firms still rely upon them for critical functions. IT professionals with outdated skills are, ironically, vital to their maintenance, but underappreciated.
Legacy systems represent obsolete information technology. Nonetheless, many leading financial services firms still rely upon them for critical functions. IT professionals with outdated skills are, ironically, vital to their maintenance, but underappreciated.
Risk Aversion
Risk aversion is a manifestation of people's general preference for certainty over uncertainty, and for minimizing the magnitude of the worst possible outcomes to which they are exposed.
Risk aversion is a manifestation of people's general preference for certainty over uncertainty, and for minimizing the magnitude of the worst possible outcomes to which they are exposed.
Live to Work
If you live to work, your job or career is a major focus of your life, and achievement therein is a principal source of satisfaction in life. By contrast, if you work to live, your job or career is pursued mainly as a means to acquire money, and your real interests lie elsewhere. Which type of person you are has huge implications for your career success in finance.
If you live to work, your job or career is a major focus of your life, and achievement therein is a principal source of satisfaction in life. By contrast, if you work to live, your job or career is pursued mainly as a means to acquire money, and your real interests lie elsewhere. Which type of person you are has huge implications for your career success in finance.
Financial Planner
Vital information about pursuing a career as a financial planner, assisting clients with budgeting, saving and other aspects of financial goal setting.
Vital information about pursuing a career as a financial planner, assisting clients with budgeting, saving and other aspects of financial goal setting.
Information Technology
Financial services companies are among the largest spenders on information technology and employers of IT personnel. Thus, for information technology professionals, the financial services industry is one of the prime destinations for top job opportunities.
Financial services companies are among the largest spenders on information technology and employers of IT personnel. Thus, for information technology professionals, the financial services industry is one of the prime destinations for top job opportunities.
Actuary
An actuary is a highly trained statistician with expertise in evaluating risks. A majority of actuaries are employed by the insurance industry.
An actuary is a highly trained statistician with expertise in evaluating risks. A majority of actuaries are employed by the insurance industry.
NPV
Calculating NPV is a method for evaluating projects or investments. It is an application of a fundamental concept in economics and finance called the Time Value of Money.
Calculating NPV is a method for evaluating projects or investments. It is an application of a fundamental concept in economics and finance called the Time Value of Money.
FINRA
Exams and certifications administered by FINRA, the successor organization to the NASD.
Exams and certifications administered by FINRA, the successor organization to the NASD.
Investment Banker
Careers in Investment Banking.
Careers in Investment Banking.
Book of Business
Definition of a book of business.
Definition of a book of business.
Insurance Agents
Insurance sales agents (insurance agents) sell one or more lines of insurance products, and may also engage in general financial planning or the sales of various investment products, similar to a financial advisor.
Insurance sales agents (insurance agents) sell one or more lines of insurance products, and may also engage in general financial planning or the sales of various investment products, similar to a financial advisor.
Institutional Client
Definition of institutional business and institutional clients, in the context of financial services.
Definition of institutional business and institutional clients, in the context of financial services.
Banking
Overview of careers in retail and commercial banking.
Overview of careers in retail and commercial banking.
FTSE
The FTSE indexes track the price movements of the largest companies (by market value) on the London Stock Exchange.
The FTSE indexes track the price movements of the largest companies (by market value) on the London Stock Exchange.
Financial Advisor Pay
Financial advisor pay has evolved in recent years. Traditionally based on commissions, which provided an incentive to maximize clients' transactions (and conflicts of interest), today asset-based fees are increasingly common. Financial advisors who act more as passive order-takers (as in discount brokerage firms) tend to be paid straight salary plus bonus like other employees.
Financial advisor pay has evolved in recent years. Traditionally based on commissions, which provided an incentive to maximize clients' transactions (and conflicts of interest), today asset-based fees are increasingly common. Financial advisors who act more as passive order-takers (as in discount brokerage firms) tend to be paid straight salary plus bonus like other employees.
IRR
IRR, or Internal Rate of Return, is a special application of the logic behind NPV, or Net Present Value calculations. It is a commonly-used concept in project and investment analysis.
IRR, or Internal Rate of Return, is a special application of the logic behind NPV, or Net Present Value calculations. It is a commonly-used concept in project and investment analysis.
Producer
Definition of Producer.
Definition of Producer.
Insurance Claims Adjusters
Insurance claims adjusters play the vital role of studying requests for payouts under insurance policies, then determining whether they should be honored or denied.
Insurance claims adjusters play the vital role of studying requests for payouts under insurance policies, then determining whether they should be honored or denied.
Merrill Lynch
Overview of opportunities at Merrill Lynch, a leading integrated financial services now owned by Bank of America.
Overview of opportunities at Merrill Lynch, a leading integrated financial services now owned by Bank of America.
Largest Family Offices
Here is a listing of the largest family offices in the U.S., among those that are multi-family offices.
Here is a listing of the largest family offices in the U.S., among those that are multi-family offices.
Securities Trader
Careers in Securities Trading.
Careers in Securities Trading.
Private Equity Funds
Private equity is high risk, high reward category of investing that does not involve the public securities markets. Instead, private equity firms make capital available to private companies, and engineer special private placements of securities from public companies.
Private equity is high risk, high reward category of investing that does not involve the public securities markets. Instead, private equity firms make capital available to private companies, and engineer special private placements of securities from public companies.
Merrill Edge
Merrill Edge is an online discount brokerage service from Merrill Lynch.
Merrill Edge is an online discount brokerage service from Merrill Lynch.
Family Offices
Family offices are specialized financial services firms that cater to the needs of extremely wealthy clients.
Family offices are specialized financial services firms that cater to the needs of extremely wealthy clients.
Best Financial Companies
Here is a short list of financial services firms that get frequent mention in surveys of the best places to work.
Here is a short list of financial services firms that get frequent mention in surveys of the best places to work.
Retail Client
The definition of retail business and retail clients, in the context of financial services.
The definition of retail business and retail clients, in the context of financial services.
Contingent Job Offers
Job offers may be contingent on subsequent investigations conducted by the company, such as background, reference and even credit checks. Negative results can result in withdrawal of the offer, or termination of employment if you have begun to work. Also, changes in business conditions can an offer to be rescinded, or the nature of the job to change dramatically. It is important to understand and plan for all such contingencies when interviewing for a job.
Job offers may be contingent on subsequent investigations conducted by the company, such as background, reference and even credit checks. Negative results can result in withdrawal of the offer, or termination of employment if you have begun to work. Also, changes in business conditions can an offer to be rescinded, or the nature of the job to change dramatically. It is important to understand and plan for all such contingencies when interviewing for a job.
JPMorgan Chase
JPMorgan Chase is a major integrated financial services firm, a leader in both the banking and securities sectors. With the acquisition of assets from failed Washington Mutual (WaMu), JPMorgan Chase now rivals Bank of America for the title of largest bank in the U.S.
JPMorgan Chase is a major integrated financial services firm, a leader in both the banking and securities sectors. With the acquisition of assets from failed Washington Mutual (WaMu), JPMorgan Chase now rivals Bank of America for the title of largest bank in the U.S.
CFP
The Certified Financial Planner (CFP) certification.
The Certified Financial Planner (CFP) certification.
Factoring
Factoring is a financing option in which firms raise cash either by selling their accounts receivable at a discount or by pledging their receivables as collateral for a loan.
Factoring is a financing option in which firms raise cash either by selling their accounts receivable at a discount or by pledging their receivables as collateral for a loan.
Jobs in Banking
Are you interested in a banking job? Banking is a core function within the financial services industry and banks are among the leading employers within the financial field. Here is a list of the principal job categories and employers within it.
Are you interested in a banking job? Banking is a core function within the financial services industry and banks are among the leading employers within the financial field. Here is a list of the principal job categories and employers within it.
Financial Engineering
Financial engineering applies advanced mathematical techniques to problems like the design of complex securities and the development of trading and investment strategies. Also known as mathematical finance, financial mathematics, quantitative finance or computational finance, financial engineering is the focus of specialized master's degree programs.
Financial engineering applies advanced mathematical techniques to problems like the design of complex securities and the development of trading and investment strategies. Also known as mathematical finance, financial mathematics, quantitative finance or computational finance, financial engineering is the focus of specialized master's degree programs.
Bank of America
Overview of career opportunities at Bank of America, now also the parent company of Merrill Lynch.
Overview of career opportunities at Bank of America, now also the parent company of Merrill Lynch.
Risk Management Certifications
As the field of risk management grows in importance, so does the weight that certain employers place on formal certifications in the field for potential new hires, as well as for people already in the field who seek to advance.
As the field of risk management grows in importance, so does the weight that certain employers place on formal certifications in the field for potential new hires, as well as for people already in the field who seek to advance.
Stock Loan
Stock loan is the function within brokerage operations that lends shares of stock to individual investors, professional traders and money managers to facilitate short sales. Stock loan tends to be a highly profitable function.
Stock loan is the function within brokerage operations that lends shares of stock to individual investors, professional traders and money managers to facilitate short sales. Stock loan tends to be a highly profitable function.
Buzzwords to Avoid
In writing resumes and personal profiles, using hackneyed buzzwords and cliches can be an immediate turn-off to the reader. Here are examples of buzzwords and phrases to avoid.
In writing resumes and personal profiles, using hackneyed buzzwords and cliches can be an immediate turn-off to the reader. Here are examples of buzzwords and phrases to avoid.
Ernst & Young
Ernst & Young is one of the Big 4 international public accounting and consulting firms.
Ernst & Young is one of the Big 4 international public accounting and consulting firms.
Payout Grid
Financial advisor pay can be a very complex calculation, with a variety of factors contributing to the final amount. Read here for a basic primer on the factors that drive financial advisor pay.
Financial advisor pay can be a very complex calculation, with a variety of factors contributing to the final amount. Read here for a basic primer on the factors that drive financial advisor pay.
Compliance
The compliance function is vital to the heavily-regulated financial services industry, and provides attractive employment opportunities for people with legal, accounting and/or auditing backgrounds. As the name suggests, compliance is involved with assuring that the firm adheres to applicable laws and regulations.
The compliance function is vital to the heavily-regulated financial services industry, and provides attractive employment opportunities for people with legal, accounting and/or auditing backgrounds. As the name suggests, compliance is involved with assuring that the firm adheres to applicable laws and regulations.
Private Client
What constitutes a Private Client.
What constitutes a Private Client.
Lawyers
The financial services industry, as a highly regulated sector of the economy, has a great need for legal expertise. Lawyers have a ticket to advancement, even in job categories that do not specifically require law degrees.
The financial services industry, as a highly regulated sector of the economy, has a great need for legal expertise. Lawyers have a ticket to advancement, even in job categories that do not specifically require law degrees.
Sukuk
Sukuk are financial instruments that are structured to avoid the payment of interest, which is forbidden under strict Islamic principles, while serving much the same purpose as interest-paying debt.
Sukuk are financial instruments that are structured to avoid the payment of interest, which is forbidden under strict Islamic principles, while serving much the same purpose as interest-paying debt.
Insurance
Here's an overview of career opportunities in insurance.
Here's an overview of career opportunities in insurance.
Product
What constitutes a Product in the Financial Services industry.
What constitutes a Product in the Financial Services industry.
Insurance Claims Examiners
Insurance claims examiners perform a role similar to insurance claims adjusters, scrutinizing claims for insurance payouts and assessing what, if anything, the client should receive.
Insurance claims examiners perform a role similar to insurance claims adjusters, scrutinizing claims for insurance payouts and assessing what, if anything, the client should receive.
MBA
Importance of the MBA degree in Financial Services careers.
Importance of the MBA degree in Financial Services careers.
Wall Street
Definition of Wall Street.
Definition of Wall Street.
CFA Review Courses
Obtaining a CFA designation includes passing a lengthy exam. While the CFA Institute believes that its self-study materials are adequate preparation, many candidates prefer to have supplemental classroom instruction and/or study guides. Here is a survey of the options.
Obtaining a CFA designation includes passing a lengthy exam. While the CFA Institute believes that its self-study materials are adequate preparation, many candidates prefer to have supplemental classroom instruction and/or study guides. Here is a survey of the options.
Private Banking
A definition of private banking, also sometimes called high net worth banking. Also describes the role of a private banker.
A definition of private banking, also sometimes called high net worth banking. Also describes the role of a private banker.
Credit Unions
Credit unions are non-profit cooperative financial institutions owned by and operated for the sole benefit of their members. Credit unions fill a role similar to that of banks, taking in deposits and making loans.
Credit unions are non-profit cooperative financial institutions owned by and operated for the sole benefit of their members. Credit unions fill a role similar to that of banks, taking in deposits and making loans.
Edward Jones
An overview of Edward Jones careers. Edward Jones is among the industry leaders in number of financial advisors. The culture is one of individual entrepreneurship, even more so than in other firms. Indeed, its dominant one-advisor office concept comes close to being a franchising model.
An overview of Edward Jones careers. Edward Jones is among the industry leaders in number of financial advisors. The culture is one of individual entrepreneurship, even more so than in other firms. Indeed, its dominant one-advisor office concept comes close to being a franchising model.
Signing Bonuses
Signing bonuses are special monetary inducements for highly-valued recruits to join a firm. In addition to a lump sum payable upon the start of employment, they also may include additional payments after the new hire has met certain performance targets.
Signing bonuses are special monetary inducements for highly-valued recruits to join a firm. In addition to a lump sum payable upon the start of employment, they also may include additional payments after the new hire has met certain performance targets.
Wayne Rogers
Wayne Rogers made the transition from actor to even more successful investor and investment manager.
Wayne Rogers made the transition from actor to even more successful investor and investment manager.
How to Dress For Interviews
Today many people, especially young people, show up for job interviews dressed in a highly unprofessional fashion. Here a fashion expert and an executive interview coach offer important advice on dressing properly.
Today many people, especially young people, show up for job interviews dressed in a highly unprofessional fashion. Here a fashion expert and an executive interview coach offer important advice on dressing properly.
Risk Measurement
Given that risk management is a crucial function, growing in importance, in the financial services industry, familiarity with some of the basic measurements is vital. Here is a quick primer.
Given that risk management is a crucial function, growing in importance, in the financial services industry, familiarity with some of the basic measurements is vital. Here is a quick primer.
Consumer Finance
Consumer finance is the umbrella phrase for financial management as applied to individuals and households. It includes such topics as budgeting, saving, investing, borrowing and risk management. Forward-thinking business educators are beginning to realize that courses in consumer finance should be added to MBA programs, so that future managers of financial firms might understand their clients' needs better.
Consumer finance is the umbrella phrase for financial management as applied to individuals and households. It includes such topics as budgeting, saving, investing, borrowing and risk management. Forward-thinking business educators are beginning to realize that courses in consumer finance should be added to MBA programs, so that future managers of financial firms might understand their clients' needs better.
Deloitte
Deloitte (full name Deloitte Touche Tohmatsu) is one of the Big 4 international public accounting and consulting firms. It is the world's largest professional services firm by revenue, and has aggressive plans for new hiring in 2011-2012.
Deloitte (full name Deloitte Touche Tohmatsu) is one of the Big 4 international public accounting and consulting firms. It is the world's largest professional services firm by revenue, and has aggressive plans for new hiring in 2011-2012.
KPMG
KPMG is one of the Big 4 international public accounting and consulting firms.
KPMG is one of the Big 4 international public accounting and consulting firms.
Brokerage Operations
Brokerage operations involves the tasks that ensure the proper movement of cash and securities positions pursuant to trades, plus the associated record keeping for clients' accounts, and for the accounts of the financial services firms themselves.
Brokerage operations involves the tasks that ensure the proper movement of cash and securities positions pursuant to trades, plus the associated record keeping for clients' accounts, and for the accounts of the financial services firms themselves.
Matrix Reporting
Matrix reporting is a situation in which an individual has more than one boss. It is a common arrangement for members of financial staff.
Matrix reporting is a situation in which an individual has more than one boss. It is a common arrangement for members of financial staff.
Production Credits
Definition of Production Credits, a metric for Financial Advisor compensation.
Definition of Production Credits, a metric for Financial Advisor compensation.
Accelerated MBA Programs
Accelerated MBA programs offer a degree after one year of study, rather than the traditional two. These may be worthwhile for students who are concerned about the time and expense associated with a traditional MBA. This article includes a ranking of the top accelerated MBA programs.
Accelerated MBA programs offer a degree after one year of study, rather than the traditional two. These may be worthwhile for students who are concerned about the time and expense associated with a traditional MBA. This article includes a ranking of the top accelerated MBA programs.
Bank Teller
Bank tellers provide the principal point of human contact between banks and the vast majority of their customers, even with the expansion of online banking options and the increased usage of ATMs. Modest expansion in overall employment, as well as turnover among holders of existing positions, means that job prospects for bank tellers are generally favorable. Becoming a teller is a common entry-level route into the banking industry.
Bank tellers provide the principal point of human contact between banks and the vast majority of their customers, even with the expansion of online banking options and the increased usage of ATMs. Modest expansion in overall employment, as well as turnover among holders of existing positions, means that job prospects for bank tellers are generally favorable. Becoming a teller is a common entry-level route into the banking industry.
Securities Underwriting
Securities underwriting is one of the primary functions and principal career paths within investment banking. If you are considering a career as an investment banker, here is some important background information on this special field.
Securities underwriting is one of the primary functions and principal career paths within investment banking. If you are considering a career as an investment banker, here is some important background information on this special field.
Wells Fargo
Wells Fargo is based in California and a market leader in many western states, including Texas. The acquisition of Wachovia makes Wells Fargo a major national banking presence, and gives it one of the leading national securities firms. Wells Fargo has remained strongly profitable through the credit crisis of 2007-08.
Wells Fargo is based in California and a market leader in many western states, including Texas. The acquisition of Wachovia makes Wells Fargo a major national banking presence, and gives it one of the leading national securities firms. Wells Fargo has remained strongly profitable through the credit crisis of 2007-08.
Tontine
In a classic tontine, a group of people pool some money and the last one left living collects the account. Now illegal as a life insurance scheme, it may hold promise when applied to health insurance.
In a classic tontine, a group of people pool some money and the last one left living collects the account. Now illegal as a life insurance scheme, it may hold promise when applied to health insurance.
Branch Operations Manager
Branch operations managers are responsible for all the behind-the-scenes work that keeps a brokerage office running, such as building maintenance, communications and technology.
Branch operations managers are responsible for all the behind-the-scenes work that keeps a brokerage office running, such as building maintenance, communications and technology.
Tranche
A tranche is one in a series of debt instruments with slightly different terms, but which are backed by the same underlying pool of assets.
A tranche is one in a series of debt instruments with slightly different terms, but which are backed by the same underlying pool of assets.
Protocol for Broker Recruiting
The Protocol for Broker Recruiting is a agreement among securities firms regarding what sales personnel such as financial advisors can and cannot do when changing employers, especially regarding the solicitation of clients to follow them.
The Protocol for Broker Recruiting is a agreement among securities firms regarding what sales personnel such as financial advisors can and cannot do when changing employers, especially regarding the solicitation of clients to follow them.
Changing Jobs
Important advice about advancing your career through changing jobs.
Important advice about advancing your career through changing jobs.
Marketing Yourself
The Key to Marketing Yourself: To succeed in marketing yourself, or selling yourself, answer the one
The Key to Marketing Yourself: To succeed in marketing yourself, or selling yourself, answer the one
Repo
A repo, or repurchase agreement, is a commonly-used form of secured loan between financial institutions.
A repo, or repurchase agreement, is a commonly-used form of secured loan between financial institutions.
Quant
A quant lends expertise in advanced mathematical techniques to problems in finance, trading and investing.
A quant lends expertise in advanced mathematical techniques to problems in finance, trading and investing.
Financial Psychology
The study of psychology can be beneficial to many different career paths in finance, in a number of ways.
The study of psychology can be beneficial to many different career paths in finance, in a number of ways.
Insurance Investigators
Insurance investigators are in-house private detectives whose special skills are utilized in processing claims where fraud or criminal conduct is suspected.
Insurance investigators are in-house private detectives whose special skills are utilized in processing claims where fraud or criminal conduct is suspected.
Public Relations
Public relations is a vital function, involved with getting the company's message out to the media, investors, clients and the general public. It is a fast-paced career, with high visibility and access to senior executives. It requires top-notch communications skills, interpersonal skills and powers of persuasion.
Public relations is a vital function, involved with getting the company's message out to the media, investors, clients and the general public. It is a fast-paced career, with high visibility and access to senior executives. It requires top-notch communications skills, interpersonal skills and powers of persuasion.
Insurance Appraisers
Insurance appraisers are experts in the valuation of property, such as automobiles, and give key expert input in the settling of insurance claims.
Insurance appraisers are experts in the valuation of property, such as automobiles, and give key expert input in the settling of insurance claims.
Compensation
Compensation in financial services tends to follow different norms than elsewhere in the economy. Here are some key facts to know.
Compensation in financial services tends to follow different norms than elsewhere in the economy. Here are some key facts to know.
Financial Internships
Financial internships are highly prized educational experiences and resume-enhancers. They also open doors to the best full-time entry-level positions in the industry.
Financial internships are highly prized educational experiences and resume-enhancers. They also open doors to the best full-time entry-level positions in the industry.
Regulation
Regulation of the financial services industry is highly complicated, involving a variety of federal and state agencies. In many cases, a particular financial services firm may be responsible to several of these agencies, which have independent agendas. Here is a summary of financial regulation.
Regulation of the financial services industry is highly complicated, involving a variety of federal and state agencies. In many cases, a particular financial services firm may be responsible to several of these agencies, which have independent agendas. Here is a summary of financial regulation.
Training for Financial Careers
Here is a handy summary and overview of the most important training needed for financial careers, including degrees, certifications and categories of experience.
Here is a handy summary and overview of the most important training needed for financial careers, including degrees, certifications and categories of experience.
Free Online Courses
A growing number of higher educational institutions are putting course materials online for free, including videos and podcasts of lectures.
A growing number of higher educational institutions are putting course materials online for free, including videos and podcasts of lectures.
Changing Jobs Internally
When changing jobs internally, many people fail to prepare adequately for their transition period. Another key consideration is fully understanding the management style of your new boss, and the culture of your new organization, which may differ from what you have seen elsewhere in the firm. People who do not do their homework thoroughly on these matters often end up with unpleasant surprises.
When changing jobs internally, many people fail to prepare adequately for their transition period. Another key consideration is fully understanding the management style of your new boss, and the culture of your new organization, which may differ from what you have seen elsewhere in the firm. People who do not do their homework thoroughly on these matters often end up with unpleasant surprises.
GMAT and GRE
For admission to MBA programs, the GMAT (Graduate Management Admissions Test) is getting increasing competition from the GRE (Graduate Record Exam) as an application requirement.
For admission to MBA programs, the GMAT (Graduate Management Admissions Test) is getting increasing competition from the GRE (Graduate Record Exam) as an application requirement.
Islamic Finance
Islamic finance involves structuring financial instruments and financial transactions to satisfy traditional Muslim strictures against the payment of interest and against engaging in gambling. It is a field of growing importance for conservative Muslims, especially in the Middle East, who are uncomfortable with Western-style bonds and banking that involve explicit payments of interest.
Islamic finance involves structuring financial instruments and financial transactions to satisfy traditional Muslim strictures against the payment of interest and against engaging in gambling. It is a field of growing importance for conservative Muslims, especially in the Middle East, who are uncomfortable with Western-style bonds and banking that involve explicit payments of interest.
Branch Sales Manager
Branch sales managers are typically drawn from the ranks of financial advisors and are responsible for guiding an office towards targets set for revenues, clients, assets and other metrics.
Branch sales managers are typically drawn from the ranks of financial advisors and are responsible for guiding an office towards targets set for revenues, clients, assets and other metrics.
Invoice Discounting
Invoice discounting is a traditional device used by companies to encourage faster payment of bills by their customers. Today, large cash-rich companies are putting a different spin on invoice discounting, employing it in reverse to extend credit to suppliers.
Invoice discounting is a traditional device used by companies to encourage faster payment of bills by their customers. Today, large cash-rich companies are putting a different spin on invoice discounting, employing it in reverse to extend credit to suppliers.
USAA
USAA is a mutual insurance company serving current and retired members of the military. USAA also offers banking, investment and financial planning services.
USAA is a mutual insurance company serving current and retired members of the military. USAA also offers banking, investment and financial planning services.
Raymond James
Raymond James is a full-service brokerage firm notable for a highly flexible approach to hiring financial advisors, ranging from traditional employee to independent contractor relationships.
Raymond James is a full-service brokerage firm notable for a highly flexible approach to hiring financial advisors, ranging from traditional employee to independent contractor relationships.
Best Companies 2010
FORTUNE magazine prepares an annual list of the best companies to work for. In 2010, the 100 companies on this list included 20 in the financial services field. Many of the other 80, in addition, are seeking employees in financial management functions.
FORTUNE magazine prepares an annual list of the best companies to work for. In 2010, the 100 companies on this list included 20 in the financial services field. Many of the other 80, in addition, are seeking employees in financial management functions.
Fair Isaac
Fair Isaac is a leader in credit scoring and risk management analytics, developer of the proprietary FICO scores that are a financial services industry standard. Its clients include leading financial institutions and retailers worldwide.
Fair Isaac is a leader in credit scoring and risk management analytics, developer of the proprietary FICO scores that are a financial services industry standard. Its clients include leading financial institutions and retailers worldwide.
Goldman Sachs
Goldman Sachs is perhaps the most renowned firm on Wall Street. A powerhouse in investment banking, it also is a major player in asset management and in wealth management, or financial services for ultra-wealthy individuals. A spot in its internship program is a prized catch.
Goldman Sachs is perhaps the most renowned firm on Wall Street. A powerhouse in investment banking, it also is a major player in asset management and in wealth management, or financial services for ultra-wealthy individuals. A spot in its internship program is a prized catch.
Money Talks
In career management, money talks in an interesting way. In general, employees with significant savings get more respect from their superiors. Learn why here.
In career management, money talks in an interesting way. In general, employees with significant savings get more respect from their superiors. Learn why here.
Transfer Pricing
Sophisticated management reporting systems tend to include transfer pricing methodologies that facilitate detailed analysis of what specific departments, clients, products or activities are contributing to the firm's overall profitability. Familiarity with the concepts behind transfer pricing is essential for financial analysts, controllers and aspiring chief financial officers.
Sophisticated management reporting systems tend to include transfer pricing methodologies that facilitate detailed analysis of what specific departments, clients, products or activities are contributing to the firm's overall profitability. Familiarity with the concepts behind transfer pricing is essential for financial analysts, controllers and aspiring chief financial officers.
Standard & Poor's
Standard & Poor's (also Standard and Poor's, or simply S&P) is the leading international ratings agency, covering both debt and equities issues. It is a major training ground for professionals in securities research.
Standard & Poor's (also Standard and Poor's, or simply S&P) is the leading international ratings agency, covering both debt and equities issues. It is a major training ground for professionals in securities research.
PricewaterhouseCoopers
PricewaterhouseCoopers is one of the Big 4 international public accounting and consulting firms.
PricewaterhouseCoopers is one of the Big 4 international public accounting and consulting firms.
Martha Stewart
While Martha Stewart is best known as an arbiter of taste in the domestic arts, as a self-made media mogul, and as someone who fell afoul of the law, she had an early career in financial services that helped set the stage for her later ventures.
While Martha Stewart is best known as an arbiter of taste in the domestic arts, as a self-made media mogul, and as someone who fell afoul of the law, she had an early career in financial services that helped set the stage for her later ventures.
CFP Review Courses
The requirements for becoming a CFP (Certified Financial Planner) include passing a lengthy exam. While some applicants choose to prepare through self-study, others prefer entering review courses in classroom settings.
The requirements for becoming a CFP (Certified Financial Planner) include passing a lengthy exam. While some applicants choose to prepare through self-study, others prefer entering review courses in classroom settings.
HighTower Advisors
HighTower Advisors is a new financial services firm targeting high net worth clients. Launched on December 10, 2008, HighTower is recruiting experienced financial advisors who would like to run their own firms, but who would prefer to have their infrastructure and support needs handled by a central organization.
HighTower Advisors is a new financial services firm targeting high net worth clients. Launched on December 10, 2008, HighTower is recruiting experienced financial advisors who would like to run their own firms, but who would prefer to have their infrastructure and support needs handled by a central organization.
DTCC
The Depository Trust & Clearing Corporation (DTCC) provides clearing, settlement and information services to the securities industry. It has largely replaced the need for physical securities certificates with centralized databases tracking the ownership of securities, thereby increasing the efficiency of securities trading and record keeping.
The Depository Trust & Clearing Corporation (DTCC) provides clearing, settlement and information services to the securities industry. It has largely replaced the need for physical securities certificates with centralized databases tracking the ownership of securities, thereby increasing the efficiency of securities trading and record keeping.
Layering
Layering is a market manipulation technique that is related to spoofing.
Layering is a market manipulation technique that is related to spoofing.
Tuition Reimbursement
A key employee benefit offered by many larger employers is a tuition reimbursement program, which is especially valuable to employees seeking to improve their career prospects by obtaining a new degree. If your employer does not have a formal tuition reimbursement program, there are ways to negotiate one for yourself.
A key employee benefit offered by many larger employers is a tuition reimbursement program, which is especially valuable to employees seeking to improve their career prospects by obtaining a new degree. If your employer does not have a formal tuition reimbursement program, there are ways to negotiate one for yourself.
Jobs With Flexible Hours
Finding a job with flexible hours, limited hours and/or telecommuting options is an important consideration for increasing numbers of people. The reasons can be many: childcare, eldercare, personal health reasons, personal lifestyle preferences, and length of commute. There are increasing opportunities in financial services for such flexibility.
Finding a job with flexible hours, limited hours and/or telecommuting options is an important consideration for increasing numbers of people. The reasons can be many: childcare, eldercare, personal health reasons, personal lifestyle preferences, and length of commute. There are increasing opportunities in financial services for such flexibility.
Venture Capital Funds
Venture capital is a particularly exciting and glamorous sector of the financial services industry. It involves seeking out and funding innovative startup companies with the promise to become highly profitable in the future.
Venture capital is a particularly exciting and glamorous sector of the financial services industry. It involves seeking out and funding innovative startup companies with the promise to become highly profitable in the future.
Choosing Employers
Key considerations in choosing employers.
Key considerations in choosing employers.
Mastering Financial Jargon
Mastering financial jargon is an important way to make it immediately clear to other people in the field that you are an expert. This is especially critical when you need to make favorable impressions in a hurry. On the other hand, having just a superficial knowledge of what the terms mean, without a plain-English grasp of the underlying concepts can prove disastrous in the long term.
Mastering financial jargon is an important way to make it immediately clear to other people in the field that you are an expert. This is especially critical when you need to make favorable impressions in a hurry. On the other hand, having just a superficial knowledge of what the terms mean, without a plain-English grasp of the underlying concepts can prove disastrous in the long term.
The 80-20 Rule
The 80-20 rule is a much-used maxim in business and finance. It is a popularization of the law of diminishing returns in economics. That is, as you put increasing effort, resources or inputs into a given task or production process, you usually receive proportionately less output or returns. Applying the 80-20 to personal time management is a key to working efficiently and to personal advancement.
The 80-20 rule is a much-used maxim in business and finance. It is a popularization of the law of diminishing returns in economics. That is, as you put increasing effort, resources or inputs into a given task or production process, you usually receive proportionately less output or returns. Applying the 80-20 to personal time management is a key to working efficiently and to personal advancement.
UBS
UBS (formerly Union Bank of Switzerland) is a global banking, asset management and securities giant, with over 80,000 worldwide employees and operations in 50 countries. UBS boasts the fourth-largest contingent of financial advisors in the U.S., plus large investment banking, trading and asset management operations.
UBS (formerly Union Bank of Switzerland) is a global banking, asset management and securities giant, with over 80,000 worldwide employees and operations in 50 countries. UBS boasts the fourth-largest contingent of financial advisors in the U.S., plus large investment banking, trading and asset management operations.
Financial Advisor Credentials
In addition to the minimum certifications required by regulations, financial advisors can find it advantageous to hold other credentials. Some of these are required by certain employers, either for all their financial advisors or for those who deal with certain types of clients.
In addition to the minimum certifications required by regulations, financial advisors can find it advantageous to hold other credentials. Some of these are required by certain employers, either for all their financial advisors or for those who deal with certain types of clients.
Credit Default Swap
A credit default swap (CDS) is a financial contract that offers protection against a bond going into default.
A credit default swap (CDS) is a financial contract that offers protection against a bond going into default.
CDO
A CDO (collateralized debt obligation) is a bond created from a pool of other bonds.
A CDO (collateralized debt obligation) is a bond created from a pool of other bonds.
Financial Careers for Athletes
The financial services industry has long been a magnet for former collegiate and professional athletes, valuing some of the key personality traits that they have honed in their competitive lives.
The financial services industry has long been a magnet for former collegiate and professional athletes, valuing some of the key personality traits that they have honed in their competitive lives.
Management Science
The financial services industry is a leading employer of management science professionals, people who apply advanced mathematical techniques to the analysis and solution of business problems.
The financial services industry is a leading employer of management science professionals, people who apply advanced mathematical techniques to the analysis and solution of business problems.
Social Jet Lag
Social Jet Lag Overview: Researchers at Ludwig-Maximilians University in Munich, Germany use the phrase
Social Jet Lag Overview: Researchers at Ludwig-Maximilians University in Munich, Germany use the phrase
CFO
CFO is a common abbreviation for Chief Financial Officer. Pluralized as CFOs, it also can stand for Critical Few Objectives.
CFO is a common abbreviation for Chief Financial Officer. Pluralized as CFOs, it also can stand for Critical Few Objectives.
Trends in Branch Banking
The banking industry goes through cycles of opening and closing branches. This has huge implications for staffing levels.
The banking industry goes through cycles of opening and closing branches. This has huge implications for staffing levels.
Telecommuting
As telecommuting becomes a more important option within the general economy, its significance is bound to grow in the financial services industry. Because of the growing costs of traditional commuting in both time and money, more employees are seeking to telecommute.
As telecommuting becomes a more important option within the general economy, its significance is bound to grow in the financial services industry. Because of the growing costs of traditional commuting in both time and money, more employees are seeking to telecommute.
D&B
D&B, or Dun & Bradstreet, is a leading vendor of business and financial information, and is heavily relied upon by companies in all industries. Hoover's is among the trademarked information services owned by D&B.
D&B, or Dun & Bradstreet, is a leading vendor of business and financial information, and is heavily relied upon by companies in all industries. Hoover's is among the trademarked information services owned by D&B.
Money Manager
Money managers, or investment managers, are highly-compensated financial professionals, with a fast-paced and stimulating work environment.
Money managers, or investment managers, are highly-compensated financial professionals, with a fast-paced and stimulating work environment.
Developing Management Skills
The importance of information technology in many industries, including financial services, is growing in importance. However, information technology professionals often are not treated as peers by their counterparts in general management, and are rarely serious candidates for transition to general management positions, especially executive posts. A comprehensive academic study indicates what IT professionals should do about this.
The importance of information technology in many industries, including financial services, is growing in importance. However, information technology professionals often are not treated as peers by their counterparts in general management, and are rarely serious candidates for transition to general management positions, especially executive posts. A comprehensive academic study indicates what IT professionals should do about this.
Pay for Financial Jobs
Drawing from data collected by the federal government, here are some comparisons of pay by industry (including government) for representative job categories within the financial field.
Drawing from data collected by the federal government, here are some comparisons of pay by industry (including government) for representative job categories within the financial field.
Financial Advisor Career Paths
A career as a financial advisor can lead to opportunities in general management, as a product or market segment specialist, or in money management. Some financial advisors find these attractive future career paths.
A career as a financial advisor can lead to opportunities in general management, as a product or market segment specialist, or in money management. Some financial advisors find these attractive future career paths.
AIESEC
AIESEC is an international student organization best known for its work abroad program.
AIESEC is an international student organization best known for its work abroad program.
Jon Corzine
Jon Corzine made a fortune as a trader and executive at Goldman Sachs, and rose to CEO. When he was forced out of this position, he turned to politics, self-financing extremely expensive but successful campaigns for the U.S. Senate and the governorship of New Jersey.
Jon Corzine made a fortune as a trader and executive at Goldman Sachs, and rose to CEO. When he was forced out of this position, he turned to politics, self-financing extremely expensive but successful campaigns for the U.S. Senate and the governorship of New Jersey.
CMO
A CMO (collateralized mortgage obligation) is a debt security backed by home mortgages.
A CMO (collateralized mortgage obligation) is a debt security backed by home mortgages.