Jan 11

Before you start a serious job hunt, it’s important to consider who you will list as references. Having the right references ready to speak well about you is one of the most important parts of being prepared for a job search. When coming up with a list of who to ask, can clients, customers, and peers count? Definitely, but some circumstances should still be considered.

Choosing references carefully is important; after all, what they say could affect whether you’re offered a job or not. However, in the close-knit world of finance where word gets around fast and you have to be extra careful to maintain your reputation, selecting references can be a balancing act.

Clients and customers can be great references. Since they know you and understand the way you interface with people on the job, having a client or a recent client in your corner can be a huge asset. This is especially important for those seeking client-facing jobs. You want someone who can vouch for your knowledge base, personal skills, professionalism, and ability to work with clients.

Previous employers are valid references as long as the jobs aren’t too far in the past. You want to avoid looking like you have a several year gap that didn’t result in positive references. If you use a reference from a long-ago job, explain why this person is valid as a reference and why they understand your current skills and abilities.

When considering coworkers, tread lightly. They can discuss how you work within certain cultures and how well you adapt. Peers are best, but only if you are openly searching or you can trust them with the knowledge that you are searching. However, if you are too uncomfortable sharing your job search at your current company, explain this to your potential employer and ask to provide alternate references instead. Most will understand.

If you’re a recent graduate, it’s okay to list professors as references as long as they know you well. However, if you’re pursuing a finance career but weren’t a finance major, be cautious about listing a non-finance professor as a professional reference. It’s best to stick with teachers who are aware of your capabilities within the finance field.

When listing references, be sure to ask permission first. It’s poor form to list someone without their permission, which will catch them off guard. At the very least, this could be awkward, and at worst it could damage your relationship. Tell people at least a week beforehand that you would like to list them, and let them know what kind of job you are searching for.

Above all, always thank every reference for their help personally.

 

Dec 28

You’ve landed an interview for a position that you really want. You’ve done your homework on the company, networked with insiders, and you’re current on the latest accounting standards and regulations. You know your strengths and weaknesses and can rattle of a list of accomplishments at the drop of a hat. So what happens when your interviewer asks a question that you didn’t rehearse?

In accounting, a firm’s culture is paramount, which is why out of the blue questions may come into play more often. Your ability to work with clients is also key, which is part of what makes your ability to deal with the unexpected so important. The firm wants to measure your creativity, ability to handle pressure, flexibility, and problem solving skills.

If unexpected questions knock you off your game, it’s because they’re supposed to. Your interviewer wants to see how you handle surprises and gauge how you respond to the unexpected. So if you’re asked something that wasn’t on your roster of practice questions, stay calm and demonstrate a good attitude. It’s all part of the test.

One example of an eyebrow raising question could be, “What would you ask if you were me?” This allows you the opportunity to be creative and outline some accomplishments that may have been glossed over, but surprise questions can also let you have a little fun. One good response could be, “When can you start?” Surprise questions let you think outside the box, highlight your background in a more unique way, and show a little more of your personality and style.

This may sound counter-intuitive, but depending on the firm, even a serious interview can be a little fun. Loosen up and relax, and your interviewer is more likely to as well. This can smooth over any bloopers you may make, but it’s also important to remember that you’re interviewing with a human being, not a robot. Showing your personality and style is part of what will make you memorable among other candidates.

No matter how much you prepare, there’s no way to know every question an interviewer will ask. The best you can do is demonstrate a good attitude, be as prepared as possible, and expect the unexpected.

 

Dec 22

Wishing you all the joys of the season as we look toward new possibilities in 2012!

Dec 21

Large-scale layoffs have many finance workers plotting their next moves. While they may have to think a bit more creatively, many have the skills they need to keep their careers afloat. The key to success is identifying and marketing transferable skills.

On Wall Street and beyond, the roar of the bear is deafening. Job cutbacks have been fierce. Working and laid-off professionals alike are taking stock. For many, the focus is on transferable skills – capabilities that can be parlayed into new opportunities.

The key is to think creatively and be flexible. Here are five strategies for landing on your feet – and maybe even a few rungs up the ladder.

Bad Economic Times, Good Job Opportunities

Hedge funds and private equity firms are trolling for profits in the wreckage of companies, banks and other lenders that have succumbed to the grim economy. The sheer number of these distressed assets, as well as the complexity of transforming them into investments, has created a wide range of jobs. Traders, risk managers, accountants, portfolio managers, workout specialists, bankers, investor relations pros, research and business analysts – a virtually limitless number of professionals is needed to turn these problems into profits.

International Financial Reporting Standards (IFRS) Create Opportunities

There’s a revolution brewing and accounting and finance pros are the new revolutionaries. As the shift from GAAP to IFRS gains steam, the revolution will need lots of generals, foot soldiers and everyone in between. Right now, those ranks are pretty thin. From mastering and interpreting the new standards to communicating what they mean to investors and others, the need is huge and growing. In particular demand are people with analytic and problem-solving skills, technical expertise and good judgment (the new standards have fewer hard-and-fast rules). The smart money is on getting training and education now. While IFRS is not yet mandatory, it appears to be just a matter of time before the old order crumbles.

Advance Your F&A Career; Go Where the Money Is.

The U.S. may be in a downturn but the Middle East, China and other areas of the world are booming. Banks, securities firms and other financial institutions are opening and expanding abroad and the need for skilled professionals is high. Specialist are needed in the areas of infrastructure finance, asset management, private equity, risk management, compliance, operations, hedge funds, mergers and acquisitions and insurance. Another way to follow the money: Focus on wealth management. The ranks of rich people, here and abroad, continue to grow and require a range of services, from tax planning to investment advice.

Existing Job Skills, New Career Focus

Let’s say finance is your job but technology is your hobby or you always wanted to work in marketing or entertainment. The opportunity to meld existing skills and personal and professional interest can open new career frontiers. As hedge funds have expanded, for example, they are seeking people to not only crunch numbers but to engage with institutional investors in a client-service capacity, to research and write RFPs, and to market the fund. Also, while the big financial services firms may be shrinking, industries such as healthcare and education are faring better. There are also non-profits, government agencies and smaller companies.

More Regulations, Less Tolerance for Risk

Despite the overall slowdown, there is a sustained increase in regulation for all industries. Financial pros who have experience in research, quantitative analysis and forensics are good candidates for selected jobs in compliance, risk management and insurance underwriting, even law enforcement focusing on financial crimes, to name a few. To be sure, the financial services industry is in an upheaval and job dislocations will continue. But by being flexible and focusing on transferable skills, finance pros can keep their careers on track.

 

Dec 14


CPAs across the country are quietly playing a crucial role in helping ease companies back into profitability — by working to uncover hidden expense management opportunities that don’t undermine employee satisfaction and retention levels.

For the many companies focused on cost containment and expense management, cutting back on discretionary expenditures, such as advertising and marketing, training and development and raises and bonuses, can certainly achieve short-term savings goals. But business leaders are also asking themselves at what long-term costs will these measures impact my company? For example, the importance of employee engagement has been front and center during the recession. Cutbacks in critical areas can damage engagement, leading to higher — and more costly — levels of attrition.

The harsh reality is that many organizations have evolved into numbers crunching entities, slashing all costs that stand in the way of the bottom line,including jobs. However, some companies are turning to some unsung heroes in the form of CPAs to uncover cost-cutting measures that will have the least impact on employees.

No one knows the tax laws better
To begin with, CPAs’ intimate knowledge of the tax laws makes them invaluable. Tax laws are constantly changing, and CPAs are required to take continuing education courses to ensure their knowledge is always up to date.

Having this relevant knowledge and essential information not only ensures that companies know their corporate tax obligations, but it can help avoid costly mistakes that often accompany constant changes in tax law. Moreover, tax laws may also change the benefits owed to companies, and CPAs are able to identify those areas of additional cost savings.

Forensic accountants save money; solve crime
Unfortunately, companies can suffer financially at the hands of their own employees. Corporate fraud and financial crimes that are carried out byemployees, and, in some cases, by the executives themselves, can be a significant financial drain on companies.

From disappearing office supplies to “cooking the books,” forensic accountants play a valuable role in closely analyzing the depths of companies’ operating costs and expenditures.

With the recession came several high-profile examples of misspending and errant allocation of funds that would have been better spent on the company and its people. Forensic accountants are tasked with uncovering these misdeeds and putting a stop to them — saving companies untold amounts of money.

Scrutinizing the numbers
If other cost-cutting avenues do not yield the savings needed to improve financial performance, hard decisions may have to be made. Employees could be in danger of, at the very least, losing their merit increases or bonuses. CPAs can help companies assess all cost-cutting measures before slashing salaries or eliminating jobs. Should jobs be at risk, the work that CPAs can accomplish in other areas could help lessen the direct effect on the workforce.

 

Dec 07

The silver screen mantra about fairytales, “they do come true,” isn’t just a myth. However, just like other silver screen mantras promise, “You have to believe.” After all, if you don’t believe that you can survive and thrive by doing what you love, how are you ever supposed to ever get started?

Finance is a narrow enough field that some people feel pigeonholed within a world of numbers. If you feel stuck, don’t let that hold you back. There are plenty of ways you can change tracks and use your expertise while still doing something that makes you happy. If you love negotiation, real estate could have you brokering deals between buyers and agents. If you’re good at explaining complex issues, banking and financial planning might be right up your alley.

Whatever your talent is, you can do what you love within the finance world. Evaluate the possibilities and translate your finance savvy into doing something that has you leaping out of bed every Monday morning. One holdup that makes the dream difficult to achieve is a lack of understanding. If you don’t know yourself well enough to know what you really love, then you’re going to have a hard time turning your passion into a career. Getting to know yourself takes time, but it’s an investment worth making. The more you question yourself, the more you’ll learn and the more opportunities you will find open to you.

Another road block on the road to dream fulfillment is having expectations that are unreasonable. If you do find something that you love, you can’t expect every day to be magical. In real life, cherubs do not sing every time the telephone rings, and not everyone you work with will be a peach. But if you can remember that you love what you do and that you have more great days than upsetting ones, your career fairytale can come true.

 

Nov 30

If you work in the world of finance, you don’t need to be told how competitive it is. And competition means that getting ahead, or just hanging on to your current spot, is about more than just your ability to handle numbers and think about business. To be successful, a solid finance worker needs to understand complex people in addition to complex numbers.

If you work in a position that doesn’t dictate much personal interaction in the day to day, don’t assume that the importance of soft skills doesn’t apply to you. Soft skills also encompass networking, which is a huge part of maintaining a successful career and moving forward when you’re ready to. Your network can change how your firm may value you—employees with stronger networks have more leverage.

But soft skills aren’t just about social networking. Every culture has proverbs warning against arrogance for a reason—it’s not a likeable quality. It’s good to be confident, but take doses of your own awesomeness in moderation. Learn to balance the line between self marketing, which is important for success, and absolute bragging.

Another important rule is to filter what you say before you say it. It’s all too easy to make verbal blunders, especially if you’re a more junior person trying to prove yourself. But mistakes that take just a moment to make can affect your reputation for years. Don’t bash people, be overly critical, or fight unnecessary battles. Manners are paramount.

If you’re a manager, be respectful of your direct reports. While this is a sound policy simply for the benefit of the team and the quality of the work, it’s also common sense. Not every subordinate stays exactly where they are forever, and it’s likely that your employee today could be your direct co-worker, or boss, tomorrow. Treat everyone with respect and they will treat you with the same.

The most important soft skill is the ability to stay calm and know how to roll with the punches. Getting caught up in the details will only leave you stressed and scattered. Keep the big picture in the background of everything you do, and people will view you as focused and able to handle anything that comes your way.

 

Nov 16

Finance is a competitive industry, and it’s often difficult to stand out from the huge group of people hunting for the exact same accounting job. When it feels like tired old job hunting tactics aren’t getting results, is there a way to introduce creativity into the process?

While it’s good to be creative, candidates shouldn’t go over the top. It’s finance, after all, not the circus. Sending a mariachi band to serenade a potential employer with your name may sound like a great idea when you’re desperate at 2 am, but it will make you memorable in all the wrong ways. Instead, find ways to use traditional resources in less conventional way.

For example, consider online networking sites such as LinkedIn. While many job seekers use these sites to hunt for jobs and maintain their own personal networks, few push the limits of what networking sites can really do for them. The most successful candidates are the ones who scroll through employees at a desirable company until they find a connection, then use their network to find a bridge in. Digital networking is a great tool, but it’s better when used as a means to a real live handshake.

Online networking sites aren’t the only way to use the Web. VisualCV.com is a free site that lets users build online resumes as well as post photos and presentations. This is a great way to highlight your attributes in a non-traditional way and show employers skills you might not be able to illustrate in a traditional interview.

Creativity can also come into play in the way you listen. In an interview, find out what the firm’s key issues are, then make a point of illustrating how you can address them. Treat yourself almost as a consultant and demonstrate the value you would add to alleviate the firm’s concerns. Highlight your skills and knowledge in conjunction with the firm’s ethics and culture.

When thinking of ways to be creative, don’t neglect the traditional search methods and etiquette. Follow through, keep your promises, and continually edit and improve your resume. A great resume, a trimmed cover letter, and a broad network are always the best job hunting tools.

Nov 09

At first, the idea of your friend being your boss may sound great. You love spending time with friends, and maybe you’ll even be cut a little slack from time to time, right? Not quite. If you’re thinking that way, consider your friend’s promotion from another point of view.

Acknowledge that things are different. With long hours, shared goals, competition, and a team dynamic to consider, workplace relationships within the finance world can be complicated. Bosses face a lot of pressure to carry out objectives, stay organized, and keep clients happy. They also have a new set of human resources rules to keep track of and a much higher accountability level. Casually pretending that your friend is still just a friend will make both your jobs harder.

Be mindful of what you share. It might be fine to tell a friend that someone said something inappropriate to you at a recent convention party, but telling your boss changes the context completely. Your friend might laugh with you, but your boss might view it as a complaint that needs to be addressed. This is especially important in the finance world, where conflict of interest, legal issues, and client relationships are factors that can heavily impact a firm.

Keep your friendship and your boss relationship separate. Some people find it helpful to designate “friend time” versus “work time” and never cross the line. Talking work on the weekends will taint the friendship and bring too much work into both your personal lives, and discussing weekend plans at the office might make your boss seem partial to you over your peers.

Be happy for them. It’s natural to feel a little jealous of your friend’s promotion, but if you want to maintain your relationship, you’ll process through the jealously quickly and start being happy for them. Knowing they have your support will make your friend’s job much easier and will strengthen your relationship inside and outside the office.

Most of all, don’t slack off just because you’re buddies with the boss. They deserve the same work ethic you would demonstrate for anyone else. In any relationship, whether friendship, coworker, or employee/boss, respect is always the bottom line.

 

Nov 02

According to the International Association of Financial Engineers (IAFE), financial engineering is a diverse field that can draw on tools from applied mathematics, computer science, statistics, and economic theory. With such a broad range of tools to choose from, there is also a huge variety of careers and fields that financial engineers can work in.

Job titles can include financial engineer, financial consultant, quantitative analyst, financial modeling analyst, tech consultant, and quantitative research associate. Demand is high for candidates with knowledge of financial theory, methods, and mathematics.

Other jobs include financial software engineer, business analyst, collateral valuation and risk modeler, trade analyst, strategy manager, and capital manager. While jobs can be demanding and stakes are high, financial engineers also earn a great income. According to PayScale, they earn between $50k to over $130k per year.

But top jobs also require top education. Skilled financial engineers often have doctorates in computer science or math, although more and more are now opting for specialized master’s degrees such as Master of Financial Engineering or Master of Quantitative Finance.

While financial engineering is usually utilized in the securities and banking industries, it’s also used by qualitative analysts and consulting firms. Manufacturing and service firms, corporate treasuries, corporate finance, and risk management roles also employ financial engineers.

 

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