In the not so long-gone past, many career advisers were advising young people seeking to start out a career to go into finance. The financial markets were doing well then, finance jobs were in plenty and MBA schools were bursting with young students seeking to build a career in finance. And the finance jobs were, of course, not limited to the financial markets. With a strong economy, finance graduates who couldn’t get jobs in the financial markets and investment banks could quite easily be absorbed into commerce and industry accounting jobs. Other would get middle office finance jobs in the public service, and going was good.
Then the bubble burst.
The economy went into recession mode, the financial markets shrunk and finance graduates who had taken up jobs with investment banks found themselves facing the axe, as the investment banks are the worst affected by turmoil in the financial markets. And as if on cue, companies, in a bid to cut costs, were also cutting on their head counts, thus also shaking the fortunes of the finance graduates who found commerce and industry accounting jobs in the private sector. In the midst of all this, it seems that the only secure finance graduates are those who took up middle office finance jobs in the public sector, but even this is not fear-proof for we do not know for sure what the full effects of the economic turmoil will be on civil service staffing.
So in the face of all this, what is the future of finance jobs?
It might seem counter-intuitive to say, but the future of finance jobs is still bright, in spite of the current turmoil in the financial markets. As it were, economists tell us that the current economic turmoil is largely short-term to medium term, which is to say that it won’t be with us forever. Which means that the people who chose to pursue a career in finance need not regret their choice, as better times are coming. But even before the better times arrive, the people with finance backgrounds who are currently getting laid off might not find themselves in the cold for too long.
As governments unveil the various economic stimulus plans, there will be need for people to manage the money as it goes into various sectors – which translates to some finance jobs. Of course the finance jobs created in this way will be for the best brains in finance.
And then there is the fact that all companies, like human beings, have a native survival instinct, which they are likely to find handy in these hard economic times. One survival strategies for companies in crises is to hire the experts who are likely to navigate them through the particular crises. And since the current crisis is financial, the companies are likely to find themselves hiring financial experts to help them address the economic crisis. Of course, the companies are not likely to be overtly looking for finance experts to help them address the financial crises. What we are likely to see is an increase in commerce and industry accounting jobs, but the accountants so hired are bound to be almost exclusively tasked with cost and revenue management tasks, geared towards helping their employers sail through the turbulent times successfully.
And finally the good times will surely come back again. If the history of the financial markets is anything to go by, we know that all bursts are always followed by booms.
The financial sector in the United Kingdom has increasingly become a place where technology is valued as being complementary to customer service. Customer service representatives have access to any client’s account information with a few clicks on the keyboard. Advisors and financial consultants working with corporate clients have immediate access to information, such as the latest interest rates available on business loans. Another highly valuable technological development in this sector is in online recruitment. Young professionals interested in finding great finance jobs in the UK need to be aware of the plethora of online resources available to them.
The best resource online for finance jobs in the United Kingdom is the general job website. General job sites have become increasingly popular for young finance professionals who are trying to apply ‘en-masse’ to a wide variety of positions. The reason why job websites are a great resource for job hunters is that they are updated regularly with an extensive variety of finance positions. Entry-level customer service representatives and high-level managers alike are able to find a new jobs on these sites. Also, there are usually ways of saving application materials or CVs in personal accounts in order to facilitate a simple application process every time.
However, a savvy professional should not end their finance job hunt at the general job site. Finance workers should go directly to the source in order to find a new professional opportunity. Banks, financial services firms, and other bodies involved in the finance industry, offer extensive career pages to entice talented professionals to consider working with them. An interested applicant can usually fill out an online form, submit a CV, and use contact information in order to stay updated on the progress of their application. While going directly to the hiring company seems obvious, it is often overlooked by eager professionals.
There are numerous other online resources that should be consulted as part of an effective finance job hunt. Financial professionals with knowledge of specific jobs and a willingness to abdicate part of their job hunt to recruiters can use specialist job agencies. Workers who receive publications or e-mails from industry organisations can gain an edge on their colleagues by learning about trainee programs or open positions. Finally, a financial job applicant can review financial news services to discover major projects that are being undertaken by industry-leading firms. A clever professional will often take this type of news as a potential job opportunity where their talents may be appreciated.
Posted on March 24th, 2010 in Finance jobs | Comments Off
The world is in the grip of an economic downturn which in turn is leading to soaring unemployment rates. We should understand clearly that Finance jobs have always been a preferred career choice amongst the masses. Despite current economic situations surveys show that nearly three-quarters of all job seekers in the financial services sector believe they will be gainfully employed by the year end. More than 50% of these people also believe that they will receive compensation either at par or higher than present amounts in the finance sector.
What we need to bear in mind is that the finance sector is one of the hardest hit as the economy struggles to get back on track. Despite this there is an air of optimism amongst finance professionals in the job market.
Let us review some of the biggest hurdles one faces in landing a job in the financial sector. We can summarize as follows:
- Many companies have instituted a hiring freeze – no new hires for the year or that particular financial period.
- Competition is exceedingly high – the finance sector, remember is one of the top job choices for people.
- Insufficient experience for the finance jobs available – the current trend is for companies to seek professionals who can turn business around – not every one has this high level of experience and expertise.
Okay! Let’s move on from hurdles to the mood set of the finance job seekers. The mood surprisingly is very buoyant and optimistic despite the tough road ahead. Surely you know that you have many challenges ahead of you in your chosen field of finance due to the current market situation. Don’t let this be a deterrent in any way. Continue to hold fast to your aspirations and seek the goals you have set for your self.
What about the younger generation who have chosen finance job as their career path? Let us look at the finance graduates who are emerging into the finance job market. They feel it is a good year to be graduating and a strong need is felt for continued education with the industry changes that are being made every year.
Financial planning and non-banking sectors are seeing the highest recruits presently. He feels the recent volatility in the mortgage industry and the decline in the housing market will have some impact going into fall, but overall says it appears to be stable. Most recruiters are cautiously optimistic in the present economic conditions.
Some Tips to Succeed in the Finance Job Market
As finance professionals seeking a job in present economic conditions, here are some tips you can act upon to push yourself ahead of the competition.
Tip #1: Improve and Update your Skills Set – the basic thing that will put you ahead of the competition is to have a skills set that is better than your competition.
Tip #2: Polish Your Resume – presentation of your resume is very important and can effect a decision on whether you get the job or not.
Tip #3: Register with Finance Recruitment Consultants – the top recruitment houses is always in the know of the jobs available in the market. Register your resume with the best agencies for your finance job.
Don’t give up on your personal goals and aspirations. Fight for what you believe is the chosen career path for you and make a success. Markets will turn around as governments work overtime to bring about this change.