2 - Careers in Finance Resources

A- Commercial Banking: Overview
Commercial banks are in the business of providing banking

services to individuals, small businesses and large organizations.
While the banking sector has been consolidating, it is worth
noting that far more people have jobs in the commercial banking
sector than any other part of the financial services industry. Jobs
in banking can be exciting and offer excellent opportunities to
learn about business, interact with people and build up a
clientele.
Today's commercial banks are more diverse than ever. You'll find
a tremendous range of opportunities in commercial banking,
starting at the branch level where you might start out as a teller to a wide variety of other
services such as leasing, credit card banking, international finance and trade credit.
If you are well-prepared and enthusiastic about entering the field, you are likely to find a wide
variety of commercial banking jobs open to you. Carefully read through the material below as
you decide whether you've got what it takes to pursue a career in commercial banking.
Further Information on Commercial Banking
A-1: Skills & Talents Required in Banking
A-2: Job Options in Commercial Banking
A-3: Salaries for Commercial Bankers
A-4: Facts & Advice about Commercial Banking
A-5: Top Commercial Banks
ALL INFORMATION RETRIEVED FROM:

http://www.careers-in-finance.com/
Copyright 1997-2011
A-1: Commercial Banking: Skills & Talents

Broad Business Understanding and People Skills Needed
To be good in banking you need a broad understanding of business because your job will most
likely involve interacting with businesses. People skills are essential because you will be helping
people get the loans and investments that they want.
Accounting and Writing Skills are Crucial
The most common jobs in commercial banking are as a credit analyst and as a lending officer.
These jobs require a strong understanding of accounting. Because banking often requires that
you document loans and justify credit analyses you've written communication skills are
extremely important.
High Grades Less Important than Work Ethic
Banking attracts a diverse group of people. You don't have to be a superstar student with a
phenomenal GPA to make it. You do have to be detail oriented, unafraid to sell and
conscientious.
International Talent in High Demand at Money-Center Banks
According to Hoyle Jones, Head of recruiting at Citicorp: The firm is "aggressively in the hiring
market. "We're looking for U.S.-educated Asians and Latin Americans to go back home and
grow businesses."
Marketing Types Wanted
A new business model which is spreading into banking is that of the marketing-oriented
consumer products company. Banks are trying to build valuable brand images with consumeroriented advertising and distinct product lines.
According to Richard Kovacevich, CEO of Norwest: "I believe we all must be salespeople; and
we should be proud of it... We can no longer be ordertakers, which is still the characteristic of
the old banking industry. In fact, we must be great as salespeople. We must be customeroriented, we must be needs-based and we must be aggressive." In light of this demand, if you
have good marketing skills and have taken a number of marketing courses, you will be wellsuited to this new environment. Because of the increasing marketing orientation, many banks
have also been paying big bucks to lure product managers away from consumer products
companies. Pros with skills in product design and market segmentation wanted.
Copyright 1997-2011
Wall Street Types Will Find a Home

Because commercial banks remain profitable and are more involved than ever in the financial
markets, they are competing with Wall Street for "high-tech finance jocks" involved in foreign
exchange derivatives and financial engineering.
Corporate Investment Products in High Demand
There is also high demand for finance professionals who can develop products for the
corporate market. According to Windle Priem of Korn/Ferry International, a top recruiter in
banking: "Half of the [recruiting activity in banking] has been in the capital markets and
corporate finance arena of these banks. The other part of the commercial banking practice
that's booming is investment products and mutual funds. That's been very, very strong. ...Most
of those people have been hired from other investment firms, other mutual fund companies.
The traditional corporate lending people continue to be downsized and terminated." (American
Banker).
MBA Optional
It is generally not necessary to get an MBA in commercial banking although it wouldn't hurt
you. Many of the execs at the very top do have MBAs from prestigious schools. And others have
attended summertime masters programs at places like the Southwestern Graduate School of
Banking (Dallas, TX) or the Stonier School of Banking.
Days of Easy Hours Long Gone
Banking is reputed to be a low hours/workload position. This is possible, especially in smaller
markets, but increasingly bankers are working longer hours as their jobs become more oriented
towards general marketing of financial services. Consumers are increasingly banking from home
using online services and the Internet. If you are Internet savvy and familiar with computers you
will have an edge in banking. "Banks are at the point now where they have to seriously start
moving into an on line environment, or risk losing some of their best customers, potentially
forever. It's a very crucial and very perilous time for banks," said David Taylor, executive vice
president at the Bank Administration Institute.

Copyright 1997-2011
A typical job in banking in the lending or branch management area would require the following
skills:
Key Skill Area
Requirement
People skills:
High
Sales skills:
High
Communication skills:
High
Analytical skills:
Medium
Ability to synthesize:
Medium
Creative ability:
Medium
Initiative:
Medium
Work hours:
40-60/week

Copyright 1997-2011
A-2: Commercial Banking: Job Options

Credit Analyst
This is a common entry level job which requires that you evaluate business and consumer loan
applications made to your bank. Your duties include projecting a company's future cash flow,
evaluating its current financial soundness, visiting and interacting with financial people at
businesses and dealing with lenders. You will learn a lot about business in this job. Your success
in this job will depend on how detail-oriented you are, your knowledge of accounting and your
ability to communicate. (Find jobs like this)
Loan Officer
This is a highly desirable job in banking which involves making loans to businesses and
consumers. Being a loan officer requires that you have good selling skills, an ability to
understand a business and a solid understanding of how banking works. Most people in upper
management at banks were once loan officers. (Find jobs like this
Branch Manager
You would be responsible for overseeing all activities at your branch including opening new
accounts, loan origination, solving customer problems, foreign exchange and safe deposit
boxes. Most importantly, you are responsible for establishing relations with customers. This job
can be very satisfying, is never boring and requires you to be hands-on. Many bank managers
start as tellers or customer service representatives. Key things go have for this position are
customer service skills, empathy, quantitative ability, strong work ethic, organization and a
solid understanding of banking. Can move up to be a market manager and oversee branches in
a market. (Find jobs like this)
Trust Officer
In this job you would deliver trust services, financial products and advice to bank customers
(often more upscale ones). This work will give you knowledge of business, investing, estate
planning, taxes, probate law and will involve a lot of counseling. (Find jobs like this)
Mortgage Banker
Your job will be to make mortgage loans to homebuyers and businesses. This involves heavy
contact with real estate professionals, credit checks, and dealing with new buyers. Today, many
loans are sold to other investors in the mortgage backed securities market. (Find jobs like this)
Copyright 1997-2011
Other jobs in banking involve accounting, marketing and advertising, commercial card
operations, securities transfer, wire operations, private banking, cash management services,
installment loans, loan servicing, correspondent banking, personnel, operations and
communications.

Copyright 1997-2011
A-3: Commercial Banking: Salaries

Banking is not known for high salaries (it's a margin business which puts downward pressure on
pay). Starting salaries in commercial banking with a bachelor's degree range in 2009 have been
in the $40,000 to $60,000 range. Starting salaries with an MBA degree range from $70,000 to
$100,000. After five to ten years in banking you should expect a salary in the $80,000 to
$120,000 range. Below are salaries and typical qualification prerequisites for bankers:
Job Level
Salaries in Commercial Banking

Prerequisite(degree +
Salary
yrs experience)
Trainee/credit analyst
$48,000
Bachelor's Degree
Junior Loan Officer
$60,000
Bachelor's + 3 Years
Loan Officer
$100,000
5-7 years
Senior Corporate Loan Officer $115,000
10 years
Mortgage Originator
$40,000
1 year or more
Financial Analyst
$58,000
3 years or more
Personal Banker
$40,000
1-3 years
Offers made by major regionals and money center banks in 2009 to MBA students have ranged
from the high 70s to low 120s A good offer would be somewhere in the high 90s.
These numbers are average salaries for money center/regional banks from the Robert Half
Salary Guide. You should expect to deduct 15% for banks with less than $100 million in assets.
For those of you after the big bucks, they can be had in banking. A good portfolio manager can
get hired at a bank with a salary in excess of $500,000. Chief Financial Officers at money center
banks can command $300,000 to $500,000 with a hefty bonus added in. Chief technology
officers only make slightly less.

Copyright 1997-2011
A-4: Commercial Banking: Facts and Trends

Banking is Satisfying
Money magazine surveyed 100 jobs in the United States. The job of banker was listed as
the second most satisfying. Bankers love their jobs!
Banking is in a Period of Consolidation
Banking is going through a period of tremendous consolidation with frequent mergers
and layoffs. Mergers abound such as those of Citibank and Travelers into Citigroup or
NationsBank and BankAmerica. Customers don't go to branches like they used to and
increasingly rely on ATM's and electronic transactions. And many now direct their
savings into mutual funds like Vanguard and Fidelity. At the same time business
increasingly raise money using commercial paper and medium-term notes instead of
bank loans. This means jobs are getting tighter. Fortune: "Few industries have
experienced as intense a spasm of consolidation and corporate restructuring as has
banking in the past decade. New mergers-and job cuts-are announced practically every
week..."
The Bad Economy of 2009 is Impacting Banking
Certain banks like Citigroup have been profoundly impacted by the most recent financial
crisis. And, of course, numerous banks in the mortgage area have taken losses and have
applied for TARP funding. But more broadly profitability has been hit in many places.
This has caused the industry to engage in significant cost cutting and "penny pinching".
Interestingly, numerous banks remain profitable and continue to "hire at all levels."
Don't Forget Government Job Opportunities in Banking
State governments and the U.S. government actively recruit banking regulators.
Interesting places to look include The Office of Thrift Supervision, the Federal Financial
Institutions Examination Council and the Federal Reserve Banking System.
Branch Out
Jobs in bank branches could be risky. According to a study by Deloitte & Touche about
30% of bank employees (850,000 people) work in branches. However, productivity
improvements were expected to replace 151,200 of them, and electronic delivery of
services was projected to eliminate an additional 344,400 jobs. When new jobs created
Copyright 1997-2011
by electronic delivery services were factored in, the study showed a net loss of 450,000.
This could continue going forward.
Banking is Shrinking
The business of banking is changing dramatically as traditional demand deposit and CD
business shrinks. The U.S. banking system's share of financial assets in the economy has
sunk to 25%, the lowest in the last 130 years.
Specialized Banks are Doing Best
Banks which specialize in a niche such a retail lending, credit card operations, cash
management or global retail appear to be doing better than more diversified banks.
Expect focused banks to continue to succeed and create more jobs.
You May be Traveling
Regulations now permit interstate banking. Historically, you might not have been asked
to travel much as a banker or deal with businesses in other states. That has changed.
Middle-Managers Are In Demand
The shake-up in banking has left a shortage of good middle-managers, especially at
smaller banks which find it more difficult to hire well-trained managers away from wellstaffed larger banks. Other hot areas include loan review officers, technology specialists
and auditors.

Copyright 1997-2011
A-5: Commercial Banking: Top Firms (2009)
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
Consolidated assets
Name (city, state)
($billions)
Career Link
Bank of America Corp. (Charlotte, N.C.)
$
2,800 Career Info
J. P. Morgan Chase & Company (New York, NY)
$
2,100 Career Info
Citigroup (New York, N.Y.)
$
1,900 Career Info
Wells Fargo & Company (San Fransisco, Calif.)
$
1,300 Career Info
PNC Financial Services Group, Inc. (Pittsburg, Pa.)
$
291 Career Info
U.S. Bancorp (Minneapolis, Minn.)
$
266 Career Info
Bank of the New York Mellon Corp. (New York, N.Y.) $
237 Career Info
Suntrust, Inc. (Atlanta, Ga.)
$
189 Career Info
State Street Corp. (Boston, MA)
$
174 Career Info
Capital One Financial Corp. (McLean, Va.)
$
161 Career Info
BB&T Corp. (Winston-Salem, N.C.)
$
152 Career Info
Regions Financial Corp. (Birmingham, Ala.)
$
146 Career Info
Fifth Third Bankcorp (Cincinatti, Ohio)
$
120 Career Info
Keycorp (Cleveland, Ohio)
$
105 Career Info

Copyright 1997-2011
A-1: Commercial Banking: Skills & Talents

Broad Business Understanding and People Skills Needed
To be good in banking you need a broad understanding of business because your job will most
likely involve interacting with businesses. People skills are essential because you will be helping
people get the loans and investments that they want.
Accounting and Writing Skills are Crucial
The most common jobs in commercial banking are as a credit analyst and as a lending officer.
These jobs require a strong understanding of accounting. Because banking often requires that
you document loans and justify credit analyses you've written communication skills are
extremely important.
High Grades Less Important than Work Ethic
Banking attracts a diverse group of people. You don't have to be a superstar student with a
phenomenal GPA to make it. You do have to be detail oriented, unafraid to sell and
conscientious.
International Talent in High Demand at Money-Center Banks
According to Hoyle Jones, Head of recruiting at Citicorp: The firm is "aggressively in the hiring
market. "We're looking for U.S.-educated Asians and Latin Americans to go back home and
grow businesses."
Marketing Types Wanted
A new business model which is spreading into banking is that of the marketing-oriented
consumer products company. Banks are trying to build valuable brand images with consumeroriented advertising and distinct product lines.
According to Richard Kovacevich, CEO of Norwest: "I believe we all must be salespeople; and
we should be proud of it... We can no longer be ordertakers, which is still the characteristic of
the old banking industry. In fact, we must be great as salespeople. We must be customeroriented, we must be needs-based and we must be aggressive." In light of this demand, if you
have good marketing skills and have taken a number of marketing courses, you will be wellsuited to this new environment. Because of the increasing marketing orientation, many banks
have also been paying big bucks to lure product managers away from consumer products
companies. Pros with skills in product design and market segmentation wanted.
Copyright 1997-2011
Wall Street Types Will Find a Home

Because commercial banks remain profitable and are more involved than ever in the financial
markets, they are competing with Wall Street for "high-tech finance jocks" involved in foreign
exchange derivatives and financial engineering.
Corporate Investment Products in High Demand
There is also high demand for finance professionals who can develop products for the
corporate market. According to Windle Priem of Korn/Ferry International, a top recruiter in
banking: "Half of the [recruiting activity in banking] has been in the capital markets and
corporate finance arena of these banks. The other part of the commercial banking practice
that's booming is investment products and mutual funds. That's been very, very strong. ...Most
of those people have been hired from other investment firms, other mutual fund companies.
The traditional corporate lending people continue to be downsized and terminated." (American
Banker).
MBA Optional
It is generally not necessary to get an MBA in commercial banking although it wouldn't hurt
you. Many of the execs at the very top do have MBAs from prestigious schools. And others have
attended summertime masters programs at places like the Southwestern Graduate School of
Banking (Dallas, TX) or the Stonier School of Banking.
Days of Easy Hours Long Gone
Banking is reputed to be a low hours/workload position. This is possible, especially in smaller
markets, but increasingly bankers are working longer hours as their jobs become more oriented
towards general marketing of financial services. Consumers are increasingly banking from home
using online services and the Internet. If you are Internet savvy and familiar with computers you
will have an edge in banking. "Banks are at the point now where they have to seriously start
moving into an on line environment, or risk losing some of their best customers, potentially
forever. It's a very crucial and very perilous time for banks," said David Taylor, executive vice
president at the Bank Administration Institute.

Copyright 1997-2011
A typical job in banking in the lending or branch management area would require the following
skills:
Key Skill Area
Requirement
People skills:
High
Sales skills:
High
High
Analytical skills:
Medium
Medium
Creative ability:
Medium
Initiative:
Medium
Work hours:
40-60/week

Copyright 1997-2011
A-2: Commercial Banking: Job Options

Credit Analyst
This is a common entry level job which requires that you evaluate business and consumer loan
applications made to your bank. Your duties include projecting a company's future cash flow,
evaluating its current financial soundness, visiting and interacting with financial people at
businesses and dealing with lenders. You will learn a lot about business in this job. Your success
in this job will depend on how detail-oriented you are, your knowledge of accounting and your
ability to communicate. (Find jobs like this)
Loan Officer
This is a highly desirable job in banking which involves making loans to businesses and
consumers. Being a loan officer requires that you have good selling skills, an ability to
understand a business and a solid understanding of how banking works. Most people in upper
management at banks were once loan officers. (Find jobs like this
Branch Manager
You would be responsible for overseeing all activities at your branch including opening new
accounts, loan origination, solving customer problems, foreign exchange and safe deposit
boxes. Most importantly, you are responsible for establishing relations with customers. This job
can be very satisfying, is never boring and requires you to be hands-on. Many bank managers
start as tellers or customer service representatives. Key things go have for this position are
customer service skills, empathy, quantitative ability, strong work ethic, organization and a
solid understanding of banking. Can move up to be a market manager and oversee branches in
a market. (Find jobs like this)
Trust Officer
In this job you would deliver trust services, financial products and advice to bank customers
(often more upscale ones). This work will give you knowledge of business, investing, estate
planning, taxes, probate law and will involve a lot of counseling. (Find jobs like this)
Mortgage Banker
Your job will be to make mortgage loans to homebuyers and businesses. This involves heavy
contact with real estate professionals, credit checks, and dealing with new buyers. Today, many
loans are sold to other investors in the mortgage backed securities market. (Find jobs like this)
Copyright 1997-2011
Other jobs in banking involve accounting, marketing and advertising, commercial card
operations, securities transfer, wire operations, private banking, cash management services,
installment loans, loan servicing, correspondent banking, personnel, operations and
communications.

Copyright 1997-2011
A-3: Commercial Banking: Salaries

Banking is not known for high salaries (it's a margin business which puts downward pressure on
pay). Starting salaries in commercial banking with a bachelor's degree range in 2009 have been
in the $40,000 to $60,000 range. Starting salaries with an MBA degree range from $70,000 to
$100,000. After five to ten years in banking you should expect a salary in the $80,000 to
$120,000 range. Below are salaries and typical qualification prerequisites for bankers:
Job Level
Salaries in Commercial Banking

Prerequisite(degree +
Salary
yrs experience)
Trainee/credit analyst
$48,000
Bachelor's Degree
Junior Loan Officer
$60,000
Bachelor's + 3 Years
Loan Officer
$100,000
5-7 years
Senior Corporate Loan Officer $115,000
10 years
Mortgage Originator
$40,000
1 year or more
Financial Analyst
$58,000
3 years or more
Personal Banker
$40,000
1-3 years
Offers made by major regionals and money center banks in 2009 to MBA students have ranged
from the high 70s to low 120s A good offer would be somewhere in the high 90s.
These numbers are average salaries for money center/regional banks from the Robert Half
Salary Guide. You should expect to deduct 15% for banks with less than $100 million in assets.
For those of you after the big bucks, they can be had in banking. A good portfolio manager can
get hired at a bank with a salary in excess of $500,000. Chief Financial Officers at money center
banks can command $300,000 to $500,000 with a hefty bonus added in. Chief technology
officers only make slightly less.

Copyright 1997-2011
A-4: Commercial Banking: Facts and Trends

Banking is Satisfying
Money magazine surveyed 100 jobs in the United States. The job of banker was listed as
the second most satisfying. Bankers love their jobs!
Banking is in a Period of Consolidation
Banking is going through a period of tremendous consolidation with frequent mergers
and layoffs. Mergers abound such as those of Citibank and Travelers into Citigroup or
NationsBank and BankAmerica. Customers don't go to branches like they used to and
increasingly rely on ATM's and electronic transactions. And many now direct their
savings into mutual funds like Vanguard and Fidelity. At the same time business
increasingly raise money using commercial paper and medium-term notes instead of
bank loans. This means jobs are getting tighter. Fortune: "Few industries have
experienced as intense a spasm of consolidation and corporate restructuring as has
banking in the past decade. New mergers-and job cuts-are announced practically every
week..."
The Bad Economy of 2009 is Impacting Banking
Certain banks like Citigroup have been profoundly impacted by the most recent financial
crisis. And, of course, numerous banks in the mortgage area have taken losses and have
applied for TARP funding. But more broadly profitability has been hit in many places.
This has caused the industry to engage in significant cost cutting and "penny pinching".
Interestingly, numerous banks remain profitable and continue to "hire at all levels."
Don't Forget Government Job Opportunities in Banking
State governments and the U.S. government actively recruit banking regulators.
Interesting places to look include The Office of Thrift Supervision, the Federal Financial
Institutions Examination Council and the Federal Reserve Banking System.
Branch Out
Jobs in bank branches could be risky. According to a study by Deloitte & Touche about
30% of bank employees (850,000 people) work in branches. However, productivity
improvements were expected to replace 151,200 of them, and electronic delivery of
services was projected to eliminate an additional 344,400 jobs. When new jobs created
Copyright 1997-2011
by electronic delivery services were factored in, the study showed a net loss of 450,000.
This could continue going forward.
Banking is Shrinking
The business of banking is changing dramatically as traditional demand deposit and CD
business shrinks. The U.S. banking system's share of financial assets in the economy has
sunk to 25%, the lowest in the last 130 years.
Specialized Banks are Doing Best
Banks which specialize in a niche such a retail lending, credit card operations, cash
management or global retail appear to be doing better than more diversified banks.
Expect focused banks to continue to succeed and create more jobs.
You May be Traveling
Regulations now permit interstate banking. Historically, you might not have been asked
to travel much as a banker or deal with businesses in other states. That has changed.
Middle-Managers Are In Demand
The shake-up in banking has left a shortage of good middle-managers, especially at
smaller banks which find it more difficult to hire well-trained managers away from wellstaffed larger banks. Other hot areas include loan review officers, technology specialists
and auditors.

Copyright 1997-2011
A-5: Commercial Banking: Top Firms (2009)
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
Consolidated assets
Name (city, state)
($billions)
Career Link
Bank of America Corp. (Charlotte, N.C.)
$
2,800 Career Info
J. P. Morgan Chase & Company (New York, NY)
$
2,100 Career Info
Citigroup (New York, N.Y.)
$
1,900 Career Info
Wells Fargo & Company (San Fransisco, Calif.)
$
1,300 Career Info
PNC Financial Services Group, Inc. (Pittsburg, Pa.)
$
291 Career Info
U.S. Bancorp (Minneapolis, Minn.)
$
266 Career Info
Bank of the New York Mellon Corp. (New York, N.Y.) $
237 Career Info
Suntrust, Inc. (Atlanta, Ga.)
$
189 Career Info
State Street Corp. (Boston, MA)
$
174 Career Info
Capital One Financial Corp. (McLean, Va.)
$
161 Career Info
BB&T Corp. (Winston-Salem, N.C.)
$
152 Career Info
Regions Financial Corp. (Birmingham, Ala.)
$
146 Career Info
Fifth Third Bankcorp (Cincinatti, Ohio)
$
120 Career Info
Keycorp (Cleveland, Ohio)
$
105 Career Info

Copyright 1997-2011
Careers in Corporate Finance- Overview

A career in corporate finance means you would work for a company to help it find
money to run the business, grow the business, make acquisitions, plan for its financial
future and manage any cash on hand. You might work for a large multinational
company or a smaller player with high growth prospects. Responsibility can come fast
and your problem-solving skills will get put to work quickly in corporate finance jobs.
The job of the financial officer is to create value for a company. For example, the
finance group at American Electric Power of Columbus, Ohio has four main areas of
concentration: liquidity, flexibility, compliance with laws and regulatory support. AEP's Finance
Department carries out four main activities to meet its objectives: 1) designing, implementing
and monitoring financial policies, 2) planning and executing the financing program, 3) managing
cash resources, and 4) interfacing with the financial community and investors.
Jobs in corporate finance are also relatively stable. Performance in these jobs counts, but your
job is not going to depend on whether you're selling enough this week or getting good deals
finished this quarter. Rather the key to performing well in corporate finance is to work with a
long view of what going to make your company successful.
Many would argue that corporate finance jobs are the most desirable in the entire field of
finance.
Some of the benefits of working in corporate finance are:
1.
2.
3.
4.
You generally work in teams which help you work with people
It's a lot of fun to tackle business problems that really matter
You'll have many opportunities to travel and meet people and
The pay in corporate finance is generally quite good.
Key Resources to Review
B- 1: Skills & Talents Required in Corporate Finance Positions
B-2: Job Options in Corporate Finance
B-3: Salaries in Corporate Finance
B-4: Facts, Trends and Advice for Corporate Finance Careers
ALL INFORMATION WAS RETRIVED FROM:

http://www.careers-in-finance.com
Copyright 1997-2011
B-1: Corporate Finance: Skills and Talents

Different jobs and companies call on different skills from the corporate finance professional. A
typical job in corporate finance would call for the following skills:
Puzzle-lovers Wanted
Most corporate finance jobs involve solving problems using a combination of intuition
and analytics. If you are good at problem-solving, this may well be the job area for you.
Are You a Forrest Gump Type?
Many of us imagine working in a corporation as a boring, routine experience designed
for dim-witted, persnickety pencil-pushers in short-sleeved pastel plaid shirts. Not so
pal. Rather, you need to be comfortable with ambiguity and a rapidly shifting
environment where tasks change from day to day, maybe hour to hour.
Geek of the Week? Not Really, But...
Lets not avoid the obvious. In corporate finance you have to be computer literate with
spreadsheets, word processors, presentation packages and large-scale data
management tools. This is especially true for entry level positions where you will need
to crunch numbers as you get involved in the details of corporate financial planning,
accounting and capital-raising.
Execs love to talk about strategy, quality and vision. Funny, but when they interview
you, expect to be asked "Have you ever written a VBA macro in Excel?" or "Have you
used a Reuters or Bloomberg station before?"
Are You An Impatient, Entrepreneurial Type?
One of the most common complaints among new entrants in corporate finance jobs is
that they are surprised by the low level of the work. "I didn't go to school to do this..." is
a common refrain. Keep in mind that corporate environments reward longevity and
loyalty. Be patient, learn from mentors and invest in yourself along the way. If you
complain early on you may never get the break you want that comes from doing a minor
task particularly well.
Why Do Nice People Get the Good Jobs?
The movies portray "killer" operators in corporate environments, getting ahead by
manipulation and chicanery. This isn't exactly how it works. People who like people, can
communicate their ideas, build deep networks and are passionate about their work get
ahead.
Leader or Follower?
The number one attribute most corporate employers are looking for is initiative. If you
can give examples in interviews of situations where you did something plain useful even
Copyright 1997-2011
though no one asked you to, you will be a hot commodity. Have you ever started a
business? Or put together a social event that brought people together? Or started a new
organization?
Speak a Foreign Language?
Large corporations in the U.S., Europe and Asia are more globalized than ever and jobs
will often take you across borders. You will obviously be more desirable to a company if
you have a command of at least one foreign language and knowledge of international
corporate finance. Would you be comfortable managing a bank relationship for your
company in Argentina? Or costing new plants in China?
Risky Business
The last decade has seen a dramatic increase in the sophistication of corporate risk
management strategies. How are we going to hedge against fluctuations in the cost of
our inputs? And what should we do to protect against foreign currency fluctuations? If
you are familiar with models, techniques and derivatives which can be used to manage
risk, you will be in high demand.
Did You Ever Build Something?
Manufacturing firms often hire corporate finance types with a background in
engineering. Ford, for example, wants people in the factory who can understand
complex manufacturing processes, communicate well with engineers and enjoy complex
costing work. Jerome York, the former Chrysler CFO, did a stint running Dodge, and once
worked designing engine parts for GM.
How Are You With People?
The best financial professionals are good with people. According to Fortune, (11/18/95):
"Their biggest weakness is a lack of people skills," says John Dasburg, CEO of Northwest
Airlines. "Finance types are often curt and colorless. By contrast, the best CFOs are
master persuaders with a streak of the sales person. They read people as surely as
balance sheets."

Copyright 1997-2011
B-2: Corporate Finance: Job Options

Treasurer
Duties involve supervision of Treasury department which is involved in financial
planning, raising funds, cash management and acquiring and disposing of assets. This is
an upper management job which requires both analytical skill and the ability to manage
and motivate people. (Find jobs like this)
Financial Analyst
Duties involve determining financing needs, analyzing capital budgeting projects, longrange financial planning, analyzing possible acquisitions and asset sales, visiting credit
agencies to explain firm's position, working on budgets, analyzing competitors,
implementing financial plans, monitoring the the market price of your firm's securities
analyzing of leasing agreements and determining needs and methods of dealing with
derivatives. Often you will be assigned to a specific area such as revenue, planning,
capital budgeting or project finance. This challenging job requires good analytical skills,
computer skills and a broad understanding of finance. (Find jobs like this)
Credit Manager
Duties include establishing policies for granting credit to suppliers, setting guidelines for
collecting on credit and considering whether to securitize receivables. This job requires
knowledge of the customer and ability to analyze accounting statements. (Find jobs like
this)
Cash Manager
Duties involve establishing relationships with banks, managing short-term credit needs,
ensuring that sufficient cash is on hand to meet daily needs, putting excess cash into a
concentration account bearing interest and handling international transfers of funds.
This job is detail-oriented and requires good ability to negotiate. (Find jobs like this)
Benefits Officer
Duties involve managing pension fund assets, setting up employee 401(k) plans,
determining health care benefits policies and working with human resources to set up
cost-effective employee benefits. This job requires a combination of finance knowledge,
knowledge of human resources management and understanding of organizational
behavior. (Find jobs like this)
Real Estate Officer
This job involves finding real estate locations for a company, negotiation of lease
agreements, acquisition of real estate and valuation of properties. This job requires a
thorough understanding of finance and real estate. (Find jobs like this)
Copyright 1997-2011
Investor Relations Officer

Duties involve dealing with the investing public by disseminating financial information,
responding to queries from institutional investors, issuing press releases to explain
corporate events and organizing teleconferences with investors. This challenging job
involves contacts with top-level executives and requires understanding of finance and
public relations. Many who hold this job have backgrounds in PR or advertising. (Find
jobs like this)
Controller
Duties involve financial planning, accounting, financial reporting and cost analysis. Will
get involved in property, revenue, benefits, derivatives, lease and joint interest
accounting. May need to develop forecasting models to project revenues and costs.
May be called on to implement or work with a complex costing system, efforts at
financial reengineering, transfer pricing issues or interface with auditors. This job
requires extensive accounting experience. Often holders of this position enter a
company from a Big Six accounting firm. (Find jobs like this)

Copyright 1997-2011
B-3: Corporate Finance: Salaries

Starting salaries in corporate finance with a bachelor's degree range from $35,000 to $50,000.
Starting salaries with an MBA degree range from $55,000 to $80,000. At an entry level job with
a bachelor's degree you would usually be called a junior financial analyst. In an entry level job
with an MBA you would usually be called a financial analyst.
Robert Half International surveys CFOs annually and reports the following typical salary ranges
for 2009:
Job Title
Rookie Financial Analyst - Smaller Firm
Rookie Financial Analyst - Large Firm
Seasoned Financial Analyst - Smaller Firm
Seasoned Financial Analyst - Large Firm
Tax Manager
Assistant Treasurer
Chief Financial Officer
Salary
$35-50K
$40-50K
$50-65K
$63-81K
$92-130K
$88-113K
$260-390K at big firms
95-125K at smallest firms.

Copyright 1997-2011
B-4: Corporate Finance: Facts and Trends

The job outlook in corporate finance is bright.
A recent survey by Robert Half found a very strong occupational outlook in this field.
Shortages in a variety of job categories are taking place. Hot job categories include
international and operationally-oriented positions. Hot industries include
manufacturing, high-technology, environmental management services and distribution.
Strategic and Global Thinkers Wanted
"Asked to name the qualities that finance executives should have, CEOs top their list
with strategic thinking, fresh perspective, and candor. The demand for finance
executives who can formulate strategies and foment change on a global scale will only
increase in a world where trade barriers are crumbling." CFO Magazine.
Team Players Thrive
It is crucial that a financial officer be a team player, whether at the bottom or the top of
a company. At the top, relationships are especially important. For a CEO, the chief
financial officer is financial whiz, strategist and partner. The relationship needs to be
tight. Consider the role played by Marcus Bennett at Lockheed Martin, the largest
defense firm in the United States: "As a key member of [CEO] Augustine's inner circle,
[Bennett] is intimately involved in hashing out the company's strategic plans. And when
the group decides on a major acquisition or merger, such as the recent linkup with
Lockheed, Bennett serves as the primary negotiator. Once a deal is done, he oversees
the melding of the balance sheets of the two companies, the combining of employee
benefits programs, the squeezing out of cost savings and the overall financial operation
of the five current major operating units -- aeronautics, electronics, energy and
environment, and space and strategic missiles." ("Stealth CFO", Institutional Investor)
Make a Difference
A good financial officer can create enormous value. For example, when Jerome York
switched from being the CFO of IBM to being the CFO of Chrysler, Chrysler's stock
gained $1.3 billion the next day, while IBM's stock fell sharply.
Door Wide Open to Women
While still largely a male world, women are making rapid inroads in corporate finance
positions around the United States. According to the Detroit News: "Finance has
become the first field of opportunity for women because promotions are based on merit
- not the old-boy network. Experts say accounting and its natural offspring - finance,
treasury, budgeting - are less obstructed by the macho cultures more prevalent in
manufacturing and engineering, other traditional paths to the corporate pinnacle."
There a wide variety of examples of women who have succeeded in corporate finance.
For example, Heidi Kunz engineered General Motor's turnaround plan in 1992 and
Copyright 1997-2011
jumped to become CFO of a new ITT spinoff in 1995. And Judy Lewent is widely credited
with creating large amounts of value at Merck as a thinking CFO and strong leader. Mina
Brown, CFO at Aviall notes that it is very important for women who want to rise far to
get management positions in line divisions.
Value-Based Management is a Huge Trend
Corporate finance professionals are increasingly getting involved in value based
management--the practice of figuring out if shareholder value is being created in each
of a company's activities. Look for this practice to get hotter and hotter over time. Some
of the most innovative companies in the world are now using value management.
Integrated Risk Management Growing in Importance
There is growing interest in integrated methods of risk and liability management. Many
companies have decentralized risk management activities where each division or plant
can hedge away price and interest rate risk. Companies are increasingly permitting this,
but aggregating positions into a book at the corporate level and adding controls.
Quantitative Skills Trade at a Premium
Many corporations are looking for quantitative analysts in their finance group. Merck
now employs dozens of rigorous finance professionals who use techniques like Monte
Carlo simulation to assess new R&D projects. There will be more and more firms who
quantitatively make financial and operating choice. For example, choosing a capital
structure by balancing off the expected costs and benefits of debt.
Pay is Rising
Pay throughout corporate finance areas is up. In particular, Chief Financial Officer (CFO)
pay is rising. Average annual pay of CFOs in Fortune 100 companies exceeds $1 million.
The compensation includes salary, bonus, 'other' income, stock options exercised, and
restricted stock. Superstar CFO's can make more than $5 million per annum.
Carry the Torch for Shareholder Value
A company's finance group is the bridge between the investment community and the
shop floor. In a day and age, when institutional investors are increasingly active, it's
crucial that managers get the message that their job is to create shareholder value. The
job of the finance group is to make sure that happens.
A Benefits Focus Can Help
Twenty to forty percent of employee costs now come in the form of benefits. Managing
benefits cost-effectively has now become a major challenge for financial officers.
Be Sure to Develop Negotiation Skills
A key skill for financial professionals is negotiating ability. Persons who can put the
other side at ease at the negotiating table, while still getting a good price are invaluable.
Copyright 1997-2011
Many firms are actively engaged in acquisitions strategies and require employees who
can evaluate possible partners and then negotiate transactions.
Get Ready for Challenge
Being a financial officer can sometimes be more challenging than usual. For example,
Barry Weintrob, CFO of the Port Authority of New York and New Jersey had to deal with
the aftermath of the World Trade Center bombing on February 26, 1993. From a World
Trade Center command center Weintrob and others put together an immediate cost
estimate for rebuilding, made sure insurance carriers were notified and kept on paying
all bills despite a massive disruption.
Leadership Skills are Highly Valued
Company's want more and more leadership ability in their financial officers. The
financial leader of the future will have more and more experience with the dynamics of
the financial markets and be innovators in that market as well. She must be a strategic
planner, a problem solver and an innovative leader.
Some Companies are Centralizing Corporate Finance Function
Leading-edge companies such as General Eletric are centralizing their finance functions
under a system known as shared services. Instead of each business unit having its own
CFO and accounting operations, the businesses become customers of a centralized
finance function.
Corporate Finance isn't Bean Counting
The oftentimes derogatory view of finance professionals as "bean counters" is changing
fast. Technology means the computers count the beans. This frees up time of executives
to interpret the results of bean counting. In the words of Roberto Goizueta, the late CEO
of Coca-Cola: "The secret isn't counting the beans. It's growing more beans." Ultimately,
this means that the demand for smart, communicative and thoughtful people in finance
positions will increase even more in the future.

Copyright 1997-2011
C- Careers in Financial Planning

and Wealth Management Overview
Financial planners and wealth managers help individuals plan their financial futures. How are
you going to cover your retirement needs? What do you have to do today to put your children
through college? This work can be personally and financially rewarding and requires excellent
interpersonal skills. A good financial planner understands investments, taxes, estate planning
issues and knows how to listen. This work can be done within a company such as IDS Financial
Services or by yourself, as a sole proprietorship. Most planners go solo or work within smaller
practices. It's essential then that you have a certain amount of entrepreneurship given that you
will be running your own business. The work pays well and is rewarding if you like to help
people. Increasingly, it pays to obtain the Certified Financial Planner (CFP) designation. An
alternative designation popular outside of the United States is the Chartered Wealth Manager.
The job outlook for this profession is considered to be good and it is expected that career
opportunities and salaries will grow substantially in the next decade.
Further Information
C-1: Skills and Requirements for Financial Planners
C-2: Facts and Trends in Financial Planning
C-3: Salaries for Financial Planners

Copyright 1997-2011
C-1: Financial Planning:

Skills and Talents
The financial planning sector is booming and offers a variety of career options. This field deals
with the largest markets of any kind in the world and call on the following skills:
Key Skill Area
People skills:
Sales skills:
Analytical skills:
Creative ability:
Initiative:
Work hours:
Requirement
High
Medium
High
Medium
High
Medium
Medium
25-65/week
Commentary
College Degree Important in the Profession

If you're thinking about becoming a financial planner, you should have at least a
bachelors degree in a business related area. A serious school is better and will help you
along the way. An MBA can be helpful but is not required at all.
Can Invest Directly or Indirectly
Money managers either directly make investments or help others by providing
investment advice. If they are in the first business they are usually called portfolio
managers. If they are in the second, they are generally called financial planners.
A Variety of Compensation Approaches Available for Planners
Financial planners can be compensated on a flat per-hour fee basis, a commission basis
or both. The way you are paid in this business clearly affects the incentives you have
with your customers.
It's Important to Have a Broad Understanding of Business
One of the exciting things about investing is that you get rewarded for knowing how
business works. People who understand and enjoy business are among the most likely
to succeed in this arena.

Copyright 1997-2011
C-2: Financial Planning: Salaries

The median salary for financial planners job rankings issue was $70,000 in 2008. People that
work for companies earn somewhat less and franchisees do the worst. The salary distribution in
this business is highly skewed. The 90th percentile salary in financial planning is in excess of
$200,000.
There are some analogies between salaries earned in this profession and those of realtors. Top
producers do quite well but there are many, many persons who earn a modest living as a
realtor. Similarly, there are many CFPs who earn a modest but happy living. Bear in mind, of
course, that it takes a number of years to build a strong clientele so that in the early days
money will not flow quickly into a practice

Copyright 1997-2011
C-3: Financial Planning:

Facts and Trends
A Helpful and Important Profession
Financial planners help people plan their finances in light of their income and assets.
This involves programs for investments. Some planners work on their own and offer
workshops that teach people how to handle their own finances. Other planners run
businesses or are employed by insurance companies and financial service companies
(e.g., investment services companies, investment banks and commercial banks) and sell
their company's financial products. Such products might include family budgeting
schemes, mutual funds, individual retirement accounts (IRAs), insurance, real estate, or
tax-sheltered investment plans.
Financial planners help each person with their financial situation - current and longterm. The job of the financial planner is to help each person decide what kinds of
investments are best and what is the right amount. They advise on both where to put
money as well as when to spend it on items like housing, education and retirement.
In order to be effective, financial planners must be familiar with legal restrictions and
laws concerning retirement plans, tax shelters, insurance, and trusts. They must be
skilled at working with numbers and budgets and be able to understand complicated
financial and legal documents. In addition, they should be articulate, persuasive, and
have some decent selling ability.
Financial Planning is Hot
U. S. News and World Report listed the position of financial planner as one of the
twenty hottest professions for the future. They note that the entry of baby-boomers
into middle age with a bewildering array of investment choices will make financially
planning a really hot profession in the future. This said, financial planners interviewed
recently point out that getting a solo practice going as a financial planner today can be
difficult and highly competitive.
Pay Attention to the Details
To make it in financial planning you need to know the details of various investments, tax
law, estate planning strategies and you need to be good at marketing yourself and
listening to your customers.
High Growth Expected in Financial Planning
The field of financial planning is expected to experience substantial future growth, but
it's a hard field to start in because most financial planners work in entrepreneurial one
or two person shops and have difficulty affording new hires. Getting that crucial starting
experience is the hardest part.
Copyright 1997-2011
Quite a Few Financial Planners Already

According to the Consumer Federation of America there are over 250,000 financial
planners. The largest company in the field is IDS Financial Services, a division of
American Express.
CFP Can Help as a Financial Planner
Financial planners are increasingly called on to have the CFP (Certified Financial Planner)
designation. To become a CFP, you must past an exam approved by the CFP Board of
Standards which covers over 175 topics in investing and financial planning. Today, there
are approximately 59,000 CFP's. The number has more than doubled in the last decade.
Get Involved
If you are interested in breaking into financial planning (even as a student) you would
benefit by attending local chapter meetings of financial planner organizations. The best
way to find out the identity of a local chapter is through any of the three national
financial planner organizations: (1) Institute for Certified Financial Planners (303) 7517600, (2) International Association for Financial Planning (404) 395-1605 or (3) National
Association of Personal Financial Advisors (708) 537-7723.
High Net Worth Individuals are a Key Target
A growth area in financial planning and money management is targeting the high net
worth individual. PSI, a financial services consultant, estimates that over 4 million US
households have a net worth in excess of $1 million.

Copyright 1997-2011
D-Careers in Hedge Funds (Overview)

A hedge fund manager runs all or part of a hedge fund, with the
goal of maximizing return. The hedge fund manager makes calls
on a wide range of financial assets - from corporate bonds to
stocks to currencies. This is one of the most "white knuckle" jobs
in all of capitalism. The compensation for working in a hedge
fund can be unusually high. It is not uncommon to see a person in their late 20s or early 30s pull
down $5 million a year or more in one of the right positions at the big funds. But, of course,
there are many others who make much less and many more who fail altogether. All who
participate in this industry take on high risk. It comes down to skill, timing and a little luck. In
our recent salary review of starting compensation for recent graduates of the largest MBA
programs, the highest average starting pay was in hedge funds (check out the salary ranges).
What is a hedge fund anyway? At its core, a hedge fund manages a pool of money for large
investors. The fund compensates itself for that service by taking a hefty management fee
(typically 2% of assets under management per year) and a carry (a percentage of returns over a
benchmark) that is paid for performance.
The typical carry is 20%. You can see the attraction of running a hedge fund. A hedge fund with
$2 billion under management and a 2/20 compensation scheme would generate $40 million in
management fees plus whatever is made on the carry.
Unlike traditional money managers of mutual funds and closed ended funds, hedge fund
managers routinely engage in short selling - that is betting that a security will decline in value.
There are many flavors of hedge funds but the most common variety is a long/short equity
fund. This would be a fund that will try to be market neutral and instead make an excess return
("alpha" as it is called) by being right on security selection - shorting stocks headed down and
going long those headed up. Hedge funds can also use leverage to enhance return. This means
borrowing against assets in the fund in order to buy more securities. This, of course, can
enhance return on the upside and it is not uncommon to see hedge funds close down because
they suffered negative returns that would cause no one to want to invest in the fund again.
As we write this career description in late 2009, we are in a period of unusual turbulence in the
hedge fund world. Due to the financial crisis many hedge funds have shut down and
undoubtedly more closures are to come. But, like the landscape after a forest fire it turns out
that many trees are still left standing and stronger. And, lots of new plants, bushes and trees
are on the way. Hedge funds are here to stay and will, in fact, probably rise to new heights
before long. The reason is that opportunities for alpha are out there and there is no better time
than the present to exploit those opportunities.
A hedge fund career is considered one of the most desirable paths in
the finance field - although some working in these funds might wonder
Copyright 1997-2011
why. While the senior fund managers pull down a huge share of the compensation, a newly
minted MBA does not start at a hedge fund managing his or her own pool of money. Depending
on the size and structure of the hedge fund, there may be many (or few) other positions they
might take, some of which can also eventually involve steep compensation. These include
working at a hedge fund as a junior trader; strategist; analyst; quant; software developer; risk
manager; and in various administrative roles. As in most financial institutions, the closer you
are to the money, the more of it you get to take home. In other words, the jobs in which you
can easily and directly measure the profit due to your performance - and for which that number
is large - tend to be the most highly compensated.
Interestingly, a review of the placement reports of a few schools like Chicago, Columbia,
Harvard Business School and Stanford will show that there was a fair bit of MBA hiring into
hedge funds in 2007 and 2008. This hiring will undoubtedly decline for the classes of 2009/2010
but there is still plenty of opportunity to be had.
The typical hedge fund will have an internal recruiter or two or, if small, will use an external
recruiter. Only the very biggest places will show up with any regularity for university recruiting this might be seen with a Citadel or Maverick. This is a classic area in which to pursue a selfdirected job search. You need to get out and hit the pavement and meet people in the industry
and look for openings. The openings aren't necessarily scheduled on an annual cycle but tend to
occur in real time when a fund is taking in more capital or experiencing strong returns. You'll
maximize your chances of finding a good position by pursuing funds that are doing well. To
make the search process more interesting, there are thousands of hedge funds. This is a
gigantic and somewhat disorganized industry. The result is an inefficient job market that you
can exploit by putting in the time to make connections with potential hiring managers.
The typical hedge fund manager comes out of the sell side - that is, an investment bank. Many
persons who learn to trade or analyze securities in a research position on the sell side gravitate
towards hedge fund positions in mid-career. And because hedge funds typically have no
training programs they like to hire persons who have already learned the ropes of investments
in an investment bank or another investment management firm. Key skills in demand are (1)
high intelligence, (2) strong domain knowledge, (3) consistency and attention to detail, (4) deep
investing and finance knowledge, (5) strong quantitative and legal skills and (6) the ability to
dive deep on an investment story.
There is high demand for individuals with specialized skills and
advanced degrees - Ph.D's that know currencies and
macroeconomics; M.D.'s that know drugs and devices and can figure
out which ones will succeed and which will fail; J.D.s that can tear
apart credit agreements or bet on the outcome of merger deals in
the antitrust agencies; mathematicians that can build quantitative
trading algorithms etc. This is a field that attracts the best and the brightest. The career
outcomes are highly variable but the ride can be exhilarating.
Copyright 1997-2011
D-1: Hedge Fund Salaries

How much can hedge fund managers make? A lot. A whole lot. Consider this list of the topearning hedge fund managers of 2008, as reported by Alpha Magazine:
Rank
Name
Firm Name
2008 Earnings
James Simons
Renaissance Technologies Corp.
$2.5 billion
John Paulson
Paulson & Co.
John Arnold
Centaurus Energy
$1.5 billion
George Soros
Soros Fund Management
$1.1 billion
Raymond Dalio
Bridgewater Associates
$780 million
Bruce Kovner
Caxton Associates
$640 million
David Shaw
D.E. Shaw & Co.
$275 million
Stanley Druckenmiller
Duquesne Capital Management
$260 million
9 (tie)
David Harding
Winton Capital Management
$250 million
9 (tie)
Alan Howard
Brevan Howard Asset Management
$250 million
9 (tie)
John Taylor Jr.
FX Concepts
$250 million
$2 billion
If you're motivated by the prospect of a very big payday, those numbers will be inspiring. But
the information below will be a little more useful. The first thing to realize about the pay at
hedge funds is it is largely about how the fund performs. Therefore it's the size of your bonus
more than your base salary that determines how well you do overall. And bonuses paid for a
given position are often explicitly tied to the fund's performance.
In general, if the fund's return is stellar, your bonus will be too. If it sucks wind, so will your
compensation. That is, if you're lucky. Often, if the fund does badly enough, you will simply be
out of work. No matter how skilled you are, or how difficult overall market conditions are, if
you work for a hedge fund that loses a significant amount of money you will likely lose your job.
The second thing to realize about the pay at hedge funds is that the principals and senior
portfolio managers take home most of it. The pay for more junior positions in successful hedge
Copyright 1997-2011
funds can be extremely attractive, as the tables below show. But if you're after the really, really
big bucks, what you're gunning for is to become a senior portfolio manager or run your own
fund. And that'll take some time, experience, skill, and luck. So in the meantime, since you'll be
working awfully hard to position yourself for that opportunity, you might as well make sure the
work excites you. Because after all, it's not just about the money. Is it?
Normal Range
Low
High
$208,502
$421,691
$711,156
$5,914,571
$908,960
$8,961,180
Salary
Bonus
Total
Mean
$315,096
$3,312,864
$4,935,070
Median
$200,000
$1,000,000
$1,300,000
Sr Portfolio Manager Salary

Bonus
Total
$199,022
$1,018,608
$1,247,953
$175,000
$325,000
$500,000
$178,132
$744,694
$978,910
$219,911
$1,292,521
$1,516,996
Jr Portfolio Manager Salary

Bonus
Total
$152,744
$492,819
$542,376
$150,000
$300,000
$450,000
$124,144
$352,439
$434,505
$181,344
$633,199
$650,248
Jr Trader
Salary
Bonus
Total
$97,323
$204,250
$309,438
$100,000
$96,000
$177,500
$79,678
$65,735
$154,562
$114,968
$342,765
$464,313
Jr Analyst
Salary
Bonus
Total
$103,852
$168,740
$266,171
$99,500
$115,000
$205,000
$88,536
$125,999
$212,662
$119,348
$211,481
$319,679
Risk Manager
Salary
Bonus
Total
$129,813
$257,188
$378,438
$125,000
$132,500
$245,000
$113,206
$118,581
$228,433
$146,419
$395,794
$528,442
Fund Head
Note: The preceding figures are from Alpha Magazine's 2007 Compensation Report. They can
be expected to vary sharply from year to year as capital flows between hedge funds and other
investment vehicles and as returns vary.

Copyright 1997-2011
D-2: The World's Largest Hedge Funds

Rank
Firm
Total Capital ($ millions)
1 Bridgewater Associates
38,600
2 JPMorgan Asset Management
32,893
3 Paulson & Co.
29,000
4 D.E. Shaw & Co.
28,600
5 Brevan Howard Asset Management
26,840
6 Man Investments
24,400
7 Och-Ziff Capital Management Group
22,100
8 Soros Fund Management
21,000
9 Goldman Sachs Asset Management
20,585
10 Farallon Capital Management
20,000
10 Renaissance Technologies Corp.
20,000

Copyright 1997-2011
E- Careers in Insurance: Overview

Did you know that some of the hottest jobs in finance
aren't on Wall Street at all? These are jobs in insurance.
Insurance is a trillion dollar business that employs more
than 3 million people in the United States alone. As the
population ages and wealth grows, the demand for
insurance professionals will increase dramatically. This is
great news for you if you're thinking of going in to
insurance. Jobs in insurance involve helping individuals
and business manage risk to protect themselves from
catastrophic losses and to anticipate potential problems.
Work in this area is not only personally rewarding, but can
be financially rewarding as well.
Insurance is a stable yet dynamic industry that provides a
wealth of advancement and career opportunities. From
administrative support to management programs, from
sales to information technology, from accounting to
customer service ... anything you want to do in business, you can do in the insurance industry!
You will help clients understand their insurance needs, explain their options to them and
hopefully help them purchase appropriate insurance policies. You could work in a variety of
areas in insurance including as an underwriter, a sales representative, an asset manager, a
customer service rep or an actuary. A theme that is constantly emphasized by insurance
professionals is that the industry is ultimately about helping people when they need it the
most. The stereotype of a slick, sleazy, fast-talking insurance salesman is largely a thing of the
past.
Major areas of opportunity include auto insurance, life insurance, P&C (property & casualty)
insurance, and health insurance. It's worth noting that private health insurance companies
remain central after the 2010 passage of health care legislation in the US and subsequent
political developments. If anything, the health insurance industry is likely to grow in size due to
efforts to achieve universal coverage.
Key Resources
E-1: Skills & Talents Required in the Insurance Industry

E-2: Job Options in Insurance
E-3: Salaries
E-4: Facts & Trends About Insurance
E-5: Insurance Firm Listing
Copyright 1997-2011
E-1: Insurance: Skills & Talents

Key Skill Area
People skills:
Sales skills:
Analytical skills:
Creative ability:
Initiative:
Requirement
High
Medium
High
Medium
Low
Medium
Medium
Work hours:
35-55/week
The Business is About Risk Transfer

Insurance companies are in the business of assuming risk by writing policies
which transfer risks from customers to themselves. This work is challenging,
complex and likely to continue to prosper.
There are a Variety of Key Business Areas
Insurance companies are in the business either of providing property and
casualty insurance (protect owners of cars, business and homes against loss
and injury); life insurance or health insurance.
Insurance is one of Finance's Best Kept Secrets
Insurance may be one of the best kept secrets in the field of finance. Most
students do not realize the high growth and enormous potential for personal
development and advancement that this field offers.
People-oriented Types Who Can Listen Do Well
The field of insurance and risk management is well-suited for those who are
good listeners, who enjoy people and are comfortable with quantitative
analysis of risks.
Most People in Insurance Don't Sell
Many people avoid insurance careers because they perceive that the
business is about selling and slickness. Certainly, part of the business
involves selling but keep in mind that insurance policies help people,
especially in times of need. Moreover, most jobs in the field do not involve
direct selling.

Copyright 1997-2011
E-2: Insurance: Job Options

Actuary
Actuaries use their analytical skills to predict the risk of writing insurance policies on
property, businesses and people's lives and health. Why does automobile cost so much
more if you under the age of 25? Because an actuary somewhere found that the risk of
insuring automobiles is highly age-dependent. Actuaries are a crucial part of the
insurance process because they use statistical and mathematical analysis to determine
the risk of providing coverage. To perform effectively, actuaries must be informed about
general societal trends and legislative developments which may affect risk. Actuaries
can work either within insurance companies or for government, pension planning org
anizations or third-party advisors.
Agent and Broker
Agents and brokers advise people and organizations on how to protect things they value
by selling customers insurance contracts. You will be the first person contacted after an
accident, fire or injury. An understanding of insurance contracts is essential to this type
of occupation. A career as an agent or broker can be financially rewarding. This work is
highly time-flexible, requires some background in business and is best if you enjoy
interacting with people.
Claims Adjuster
Adjusters negotiate insurance claims with people have experienced a loss. The adjuster
is responsible for reaching a claim settlement that is fair to all parties. Doing well in this
job requires a person who is resourceful, tactful and good with people. Some adjusters
work in the field, while others work out of an office.
Service Representatives
Service representatives are the link in the field between agents who sell policies and
insurance companies who write the policies. Field representatives must be good
listeners and communicators. This position requires knowledge of your companies
products and ability to establish good rapport with those working for your companies. A
background in liberal arts can be a great preparation for this type of position.
Loss Control Specialist
As a loss control specialist your job is to help keep accident and losses to a minimum.
You will visit factories, shop floors and businesses to identify potential hazards and help
to eliminate them. In the health insurance area you might work with an organization to
promote preventive health care in the workplace or to limit exposure to certain types of
ailments. This work requires an understanding of safety management or engineering. A
combination of a technical major and a business major would be outstanding
preparation for this job.
Copyright 1997-2011
Risk Manager
A risk manager is employed by an organization to help identify the risks that it faces and
to make recommendations for dealing with these risks. The recommendations may
include the purchase of insurance, adoption of precautionary measures and
presentations to upper management. Risk managers are involved in the management of
employee benefit plans. Valuable skills include knowledge of the insurance industry and
of business practice as well as skill in making presentations to upper management.
Underwriter
Underwriters decide whether to provide insurance to applicants seeking coverage. An
underwriter evaluates an applicant's exposure to risk and decides whether an applicant
meets an insurer's standards. An underwriter may also become involved in setting prices
for insurance applicants.

Copyright 1997-2011
E-3: Insurance: Salaries

Salary ranges in the insurance industry are currently as follows:
Career
Actuary Entry Level
Actuary - Senior
Agent/Broker
Claims Adjuster
Underwriter
Typical Salary
$50,000-80,000
$160,000-400,000
$40,000-70,000
$40,000-50,000
$45,000-80,000

Copyright 1997-2011
E-4: Insurance: Facts & Trends

Build a Framework
It is helpful to have a mental framework of what functions financial services firms do
when looking at job possibilities in this area. Professors Zvi Bodie and Robert Merton of
Harvard Business School argue that financial service institutions, systems and products
can be understood by providing the following functions: a payments system for
exchange of services; a mechanism for the pooling of funds to undertake large-scale
enterprises; a way to transfer resources; a way of managing uncertainty and controlling
risk; a body of price information to help coordinate decentralized decision-making; and
a way of dealing with agency problems created by asymmetric information.
Huge Part of the Economy
The insurance industry is a powerful part of the U.S. economy. In 2008, policy premiums
exceeded $1 trillion dollars.
A Big Employer
Over three million people work in the insurance industry. Insurance is one of the biggest
employers in the United States.
Hiring is Strong
Despite the current challenging economy, insurance companies continue to hire.
Demand is robust.
Demand for Insurance Products Rising
Most analysts expect the demand for insurance to rise as risks become more complex
and abundant in the economy. The growth in the industry, according to the Bureau of
Labor Statistics is expected to be within 20 to 40 percent over the next fifteen years.
There is also an expanding set of employee benefits including child care, employee
savings accounts, payroll deduction property and casualty that will expand opportunities
in the insurance industry.
Malpractice Insurance a Growth Area
A huge growth area is physicians malpractice insurance. Companies like MICOA are
aggressively hiring and have built a strong niche servicing physicians with malpractice
insurance, risk reduction advice and other financial services.
Not All Companies Will Survive
It's important to know the stability of the insurance company you go to work for. In the
1980s four large insurance companies failed including Executive Life and Mutual Benefit.

Copyright 1997-2011
Lloyds a Centerpiece
Lloyds of London is one of the most important financial institutions in the world. Lloyds
provides liquidity to the reinsurance market throughout the world by providing a venue
for insurance companies to share risks with other large investors.
IT Types in High Demand
There are tremendous opportunities in the management of information in insurance
with all the different state rules and products. It is increasingly the case that companies
are hiring information services professionals because of the high demands for
automation caused by insurance paid for by payroll deduction.
Health Insurance Area Hot
The aging of the population has been dramatically increasing the demand for health
insurance. Despite recent regulatory reexamination, the health insurance business is
likely to see tremendous future growth, even if health care reform takes place.
Banks Playing Important Role
A sector in life insurance which is seeing tremendous growth is insurance sold through
banks. People are increasingly relying on their bankers to sell them a variety of financial
services. Banks charge much lower commissions and benefit by helping their customers
become financially secure in retirement.

Copyright 1997-2011
E-5: Insurance: Firm Listing
Aetna
Canada Life
CNA Insurance
MassMutual
Nationwide Insurance
Northwestern Mutual Life
The Principal
Prudential
State Farm
Travelers
F- Investment Banking: Overview

Welcome to a comprehensive web site on investment banking
careers. Investment Banks help companies and governments issue
securities, help investors purchase securities, manage financial
assets, trade securities and provide financial advice. The top
investment banks including Goldman Sachs, JP Morgan and Morgan
Stanley are said to be in the bulge bracket.
Other investment banks are regionally oriented or situated in the
middle market (e.g. Piper Jaffray). Others are small, specialized
firms called boutiques which might be oriented toward an industry
vertical, bond-trading, M&A advisory, technical analysis or program trading. Firms have lots of
different areas and groups within them. In most firms, there is sales and trading which works
with owners of securities, investment banking which works with issuers of securities (firms and
governments) and capital markets which goes in between the other two.
Further Information on Investment Banking
F-1: Skills & Talents Required in Banking
F-2: Getting in the Door
F-3: Job Options in Investment Banking
F-4 Salaries for Bankers
F-5 Facts & Advice
F-6 Job Market Outlook
F-7 Job Listings
F-8 Life as an Analyst
F-9 Life as an Associate
F-10 Investment Bank List

Copyright 1997-2011
F-1: Investment Banking:

Skill and Talent Requirements
Investment banks want employees with a combination of strong analytical and interpersonal
skills. Some jobs lean more towards one skill set than another (e.g. brokers need to be mainly
sales people). A typical job of an equities analyst requires both analytic and interpersonal skills.
The skills involved include:
Key Skill Area
People skills:
Sales skills:
Analytical skills:
Creative ability:
Initiative:
Work hours:
Requirement
High
Medium
High
High
High
High
Medium
50-120/week
Hard Work Expected and Respected

Investment banking is a high work, high risk, high reward profession. When you start
your hours will typically be long but the work can be exciting. Be prepared for moments
of frustration where you are stretched too thin and moments of exhilaration where
everything clicks.
Tough to Break In
It's relatively hard to break into investment banking. You need to be prepared to pursue
firms on your own after you have thoroughly prepared yourself.
Believe it or Not, Bankers Have Social Value
Investment bankers have been the subject of social scorn in movies like Bonfire of the
Vanities for decades--a sentiment that reached a fever pitch in the recession of
2008/2009. Are investment bankers really greedy narcissistic scum? Some probably are.
But keep in mind that they play a crucial social role of helping to direct capital to
companies with great ideas that make people better off.
Analyst Jobs Are the Best Entry Point
Many college graduates start in investment banking in an analyst position. To succeed in
these positions you need to be extremely dedicated, have good spreadsheet skills and
be analytically fluent. Your next step will be to become an associate. Same skills, just
raise the volume.
Copyright 1997-2011
Communication and Completion Abilities Key

In mid-career, your success usually will depend on your ability to communicate with
clients and get deals done. At this level it is also important to have a good understanding
of market trends, the political and macroeconomic environment and deal mechanics.
Math Skills Can Help
Some jobs in investment banking call for very strong mathematical ability. If you are
good at math think about getting an advanced degree in a technical field (studying areas
such as stochastic calculus and differential equations), then take some advanced finance
courses in options pricing or bond valuation and apply to a research department on Wall
Street (Carnegie-Mellon's MSCF program is a leader in training mathematicians and
physicists for Wall Street jobs).
Accounting Skills Valuable
The ability to analyze accounting numbers critically is important in most analyst
positions. Ultimately, you should aim for the CFA designation if you would like to be a
securities analyst. The CFA helps you become much more mobile over time. If you have
ambitions too "bail out" someday and become a corporate financial analyst you might
also want to consider the CMA (Certified Management Accountant) designation.
Traders are Multi-Talented
It's hard to define what makes a good trader. A good understanding of the market, quick
reactions, analytical skills and the ability to bluff help. Read Liars Poker by Michael Lewis
to learn more about sales and trading.
Get Used to New York

Most large banking firms operate out of New York. Even if you are interested in working
in another location, your general interviewing activities are likely to be centered there.
Other places you should look at include Hong Kong, Tokyo, London, Moscow and
Singapore. If you go looking for a job in investment banking using informational
interviews in the U.S. it is crucial that you make several trips to New York.
Copyright 1997-2011
Teamwork Crucial
A crucial success factor in investment banking is teamwork. Being able to pull together
persons with large egos to get a presentation together for a client is a challenge and is
likely to be rewarded highly.
Scientists and Lawyers Wanted
There's definitely an interest in people with backgrounds in science and law. Scientist
types can work on everything from derivatives algorithms to biotech banking. Lawyers
can help design new securities, sell leasing business and use their analytical prowess to
talk to clients. This said, you have to sell yourself. It often doesn't hurt to go back and
get an MBA from a top school, and then try to repurpose your career into investment
banking.
Contacts are Everything
The key to breaking into investment banking is a good network of contacts. You may
already be blessed with such a network, but if you don't have one, you can start to
develop one by going on informational interviews, attending industry conferences,
finding alumni from your school in the business etc. Our contact lists may be helpful in
this process. Keep in mind that your network might not really "pay off" for some time. If
you are young and haven't gone for an MBA degree, try to get into the best possible
school and then go for quantitative and analytical coursework.
Getting Things Done is Important
Starting off in an investment bank, you are usually responsible for getting projects done
well and on-time, whether it be writing reports, running spreadsheets, trading, doing
research or coding programs. Later, once you get involved with clients and ideas for
generating revenue, you will be rewarded greatly if you can bring in business. At higher
levels (usually Director, Managing Director and up) you are exposed to much greater
risk. At this level, people are often fired for non-performance, whereas at lower levels
you may not be scrutinized as closely.

Copyright 1997-2011

Firm List
Bank of America Merrill Lynch

Barclays Capital
Blackstone Group
CIBC
Citigroup
Credit Suisse
Deutsche Bank
Evercore Partners
Goldman Sachs
HSBC
JP Morgan
Lazard
Moelis & Co
Morgan Stanley
Nikko Securities
Nomura
Piper Jaffray
RBC
Torreya Partners
W.R. Hambrecht

Copyright 1997-2011

Getting in the Door
The Job
Entry level positions for recent college graduates are referred to
as analyst jobs. Your title will be Analyst or Financial Analyst. An entry
level position with a masters (e.g., MBA) degree is as an Associate.
Typically, an analyst will stay in position for two to three years before
leaving for an MBA or for a promotion to Associate. An Associate will
typically be in the position for three to four years prior to a promotion
to Vice-President.
Investment banking is a notoriously challenging field to break into. The
business involves heady, high stakes deals, huge sums of money and,
bailout years excepted, unusually high levels of compensation. It's no
surprise that this is a tough area to get into.
NASDAQ Billboard
Times Square
The Bad News
1. There are less than 20,000 entry level positions a year globally in investment banking.
Doesn't sound too bad until you see the applicant pool. It's five to ten times larger. And,
it's high quality.
2. You will generally not have a high hit rate on finding an investment banking job in a
university career center. Your odds of landing a plum bulge bracket job in most career
centers is less than the odds of getting hit by lightning. Even inside the Ivy League
schools and top b-schools where the big i-banks show up and recruit, it is very tough to
get a vaunted analyst or associate position.
Of course, you should apply and, increasingly, a number of investment banks allow you
to apply for an entry level position online. Why not?
3. Online job ads are not much better than the career center. If you search the 'net for
banking jobs you will occasionally find listings for entry level positions. However, these
are few and far between. Almost all entry level positions are not advertised. No need
since demand outstrips supply. Moreover, advertisers for these positions often receive
several thousand applications for each position. (Hint: the best places to look are our job
listings from Indeed.com, the New York Times classifieds and the job board area on a
Bloomberg machine).

Copyright 1997-2011
4. Most of the approaches available, e.g., reading Vault manuals, subscribing to elite online
job search services, etc. don't really help beyond a certain point. You do need to be
prepared and well-read but this is just the start.
The Good News
1. You can break in, if you put in the effort.
2. People will meet you. If you show interest and call up to meet potential employers (via
informational interviews), coffees, etc. you will get meetings. And you can convert those
into a network that will help you find a job.
3. You can get a good banking job. And you don't have to be a Baker Scholar from Harvard
Business School to get one. Instead you have to prepare, qualify yourself and
relentlessly pursue a position through in-person and telephonic contact.
4. You need to stack the odds in your favor. The investment banking labor market is not
particularly efficient. Look at vertical job areas that are doing well now. You might get
lucky enough to battle your way into an analyst position coming out of a place like
University Wisconsin or Vanderbilt (or even a school from China, India or the Ukraine)
through great interviewing on a Super Saturday. But it's tough. And, the odds are not in
your favor. [Note: A Super Saturday is an event held at a bank where job candidates
from many schools interview in the offices of an investment bank on a Saturday traditionally, most large banks will hold a couple of Super Saturdays each recruiting
season.]
Stacking the Odds in Your Favor
1. Understand finding a job is a numbers game. The more people you talk to, the greater
your odds.
2. Taking the various investment banking training and "boot camp" courses is likely to be
time and money well spent
3. Understand finding a job is a preparation game. You need to be prepared to have an
intelligent conversation with your interviewer. If you are visiting with a telecom banker,
be ready to talk about the telecommunications industry and its future. If you are visiting
with a fixed income derivatives trader, be ready to talk about duration, convexity, swap
spreads etc.
4. Pick one or two focus areas and work hard on them. Read books. Follow the trade press.
Surf the web for further information. You will want to know more about the vertical
area you are pursuing than the average well prepared MBA student out of a top
business school. This is not a trivial task. Obviously.
But, nothing impresses an interviewer more when they meet someone who is truly
prepared to go forward in an area, has deep vertical knowledge and checks the boxes
for job suitability which generally are:

Copyright 1997-2011
1. Knows the field

2. Indicates ready to work hard
3. Connects personally
4. Presentable and well dressed
5. Articulate
6. Fields a technical question or two well
7. Raises some strong points while maintaining an intelligent conversation
8. Asks good questions
9. Smiles and maybe makes a joke or two
10. Shows humility and is quick to say "I don't know" when they don't.
11. Doesn't wear suspenders or have heavily gelled slick backed hair (a la Michael
Douglas in Wall street)
12. Demonstrates integrity and authenticity
Meeting People: For Real
As we discuss in Making a Trip to New York, it is important to meet with
potential employers face to face multiple times. You need to network,
connect and focus on a vertical area that interests you whether it's
nanotechnology, private placements, oil trading, risk management or
autos. Some of our guides listed below can help. Also, look at web sites
and at places like LinkedIn to get some introductions. Talk to recruiters,
30 Rockefeller Plaza
friends, family and alums to make some initial connections. Also, don't
Home of Lazard
be shy about making cold calls. Lots of them. Be polite, persistent and
direct in talking to people that you meet.

Copyright 1997-2011

Job Options
By far the most common route into investment banking for someone just finishing an
undergraduate degree is to be hired into a bank's analyst program (for more on life as an
analyst, see here). MBAs are generally hired as associates. Analysts and associates work within
specialized groups but they may not always have control over the group to which they get
assigned (analysts especially). Some of the most common groups found within investment
banks are described below, along with the work they do. If you're a new graduate interested in
one of these areas specifically, learn as much as you can about the area that intrigues you so
that you're best positioned to be assigned to that group, but understand that you'll most likely
be looking for a job as an analyst or associate. (Find jobs like this)
Industry Coverage
Most large investment banks have an area called investment banking, IBD, IBK, CIBD,
"banking" or something that denotes
industry-focused investment
banking. These organizations are organized
into product groups (e.g., private
placements) and industry coverage groups
(e.g., aerospace). See Credit Suisse's
banking page for an example. The group
will have a set of senior bankers (Managing
Directors - usually called "MD's") who
maintain relationships with client
companies in the industry (e.g., Boeing,
Aerospatiale). These bankers will be
World Financial Center, NY
backed up by a group of Directors, VPs,
Home to Several Investment Banks
Associates, Analysts and Administrative
Assistants who help by attending client meetings, coming up with ideas for clients,
preparing pitch books, executing transactions, writing commitment committee memo's
etc. The two main types of business are M&A (see below) and financings which could be
carried out separately by a corporate finance group (see below) or executed within the
coverage group. Generally, there will be a client team that comes together for a specific
client deal (e.g., issuance of a Boeing Bond). This will include the MD, a VP and an
Associate, Analyst or two. This team would interface with the product specialist which
might include someone from corporate finance if specialized know-how is needed and
also someone from Debt Capital Markets (which manages issuance of bonds into the
capital markets).
The analyst on the project will usually be responsible for putting together a Working
Copyright 1997-2011
Group List which lists the persons at the bank involved, at the client, at the law firm
handling the deal and at other banks, if there are any in a syndicate.
Usually when you start in "banking" that means that you will likely end up in a coverage
group. Obviously, it pays to get into a group that is in area that interests you and that is
doing good deals.
Corporate Finance
In a corporate finance position you would work to help companies raise capital needed
for new projects and ongoing operations. You would work to determine the amount and
structure of fund needs of a client through equity, debt, convertibles, preferred, assetbacks, or derivative securities. As a starting analyst in corporate finance you would
usually work on a client team and would have responsibilities to prepare registration
statements, attend road shows where investors are sold on securities
etc. Barclays, Citigroup and JP Morgan are acknowledged powers in corporate finance.
Sometimes jobs in corporate finance are referred to as investment banking positions.
Capital Markets
This position can be either in Debt Capital Markets or Equity Capital Markets (ECM).
Debt Capital Markets (DCM) is often broken down into high yield bonds and investment
grade bonds. Sometimes, there are separate desks for origination of sovereign,
supranational or municipal bonds. Capital markets officers help companies originate
new issues of debt or equity. They get calls from bankers who have clients who are
interested in issuing. They then look at market conditions, perhaps tracking swap
spreads across the interest rate curve using a Bloomberg terminal and advise as to the
right time and form of issuance. An ECM or DCM officer will interact with the syndicate
desk which is the hub of a new issue. Syndicate manages which investors get what
portion of a new issue and builds up a "book" of orders. Syndicate interacts heavily with
individual equity and bond sales professionals who interact with institutional and retail
accounts around the globe. A DCM or ECM officer will often interact with other
professionals including financial strategy, derivatives, currency trading, convertibles and
equity derivatives. An entry level position in ECM or DCM will be with the title of
"Analyst" for a college graduate or "Associate" for a recent masters candidate. (Find jobs
like this)
Mergers and Acquisitions
Setting up deals where one company buys another is an
important source of fee income for many investment banks.
When this area is hot on Wall Street, it can be hugely profitable.
But even when capital markets conditions make it difficult for
companies to finance acquisitions, as they did in the 2008/09
recession, strategic mergers continue to happen and banks that
specialize in M&A continue to do deals, albeit at a lower volume. If you go to work in
this area you would help out with a team which acts as an advisor to a client, values
Copyright 1997-2011
transactions, creatively structures deals and negotiates favorable terms.

Worldwide, Goldman Sachs, Lazard and Morgan Stanley are the recognized leaders in
M&A advisory. Investment banks have increasingly participated directly in LBOs, spinoffs
and bridge loans, often by taking their own investment stake (known as merchant
banking). Your duties could involve analyzing the appropriate form of participation.
Expect to start running lots of valuation models on spreadsheets and gradually get more
client focus as you progress.
Project Finance
Project finance involves funding infrastructure and oil capital projects off of a company
or government's main balance sheet. Banks like Credit Suisse and Deutsche Bank are
active in this area. Project financed deals have been some of the first significant
conduits of foreign capital into countries such as China, Yemen and Indonesia. When
other sources of borrowing dry up, project finance is generally still there.
Trading
Some of the most desirable jobs in investment banking are
in sales and trading. Your responsibilities would involve
undertaking transactions in equities, bonds, currencies
(referred to as Forex or FX), options or futures with traders
at commercial banks, investment banks and large
institutional investors. Trading can be tumultuous and
requires a thorough knowledge of markets, financial
instruments and an intuition for human psychology. Equities
trading positions often involve "telling a story" to other traders about why they should
purchase your stock. Fixed income trading positions call for strong analytical know-how
and the wherewithal to manage large amounts of inventory in an often-thin market.
Derivatives traders need very strong analytical know-how (perhaps even an engineering
degree). Foreign exchange trading is based more on your instincts about markets,
politics and macroeconomics. There are a variety of other types of trading jobs in
agency securities, commercial paper, repos etc. (Find jobs like this)
Structured Finance
Positions in structured finance involve the creation of financing vehicles to redirect cash
flows to investors (known as asset-backed securities). Typical asset-backs securitize
credit card receivables, auto loan receivables or mortgages. This market fell into some
disrepute in 2008 as one type of asset-backed security--collateralized mortgage
obligations (CMOs)--spread the pain of the burst real estate bubble far and wide, but
the use of structured vehicles generally is likely to survive and eventually thrive again.
Other growth areas include asset-backed commercial paper, collateralized bond
obligations (CBOs), and repackaged asset vehicles. It would be beneficial to have a solid
combination of spreadsheet, accounting and legal skills. Most students coming out of
school know very little about this area; so you can get an edge by educating yourself by
Copyright 1997-2011
reading articles in the area and picking up lingo like "early-am risk" from talking to
market participants on informational interviews. (Find jobs like this)
Derivatives
Derivatives derive their value from another primitive security. Options, swaps and
futures are examples of derivatives. The market for derivatives is gigantic and subject to
increasing scrutiny. The derivatives business is highly profitable and the demand on Wall
Street for skilled derivatives practitioners has been very high. This market is likely to see
further innovation in the forms which swaps take and in the area of exotic options. This
will create further specialized job areas. If this area interests you, start studying math
(especially stochastic differential equations and derivation of common models like
Black-Scholes). Questions about models are likely to come up in interviews. Sales skills
are also important in this area. Another related word you will hear is "structured notes."
A structured note might be a foreign exchange loan, forward or futures contract with
built in options structured to a client's need. So, for example, a client that will no longer
be worried about their position once the Yen falls below 85 to the dollar could buy a
"knock-out" option on a forward that will not be active once the yen/dollar rate falls
below a floor. A related and popular area is credit derivatives which might involve selling
an option which pays off when a defaults on one of its debt obligations.
Advisory
Advisory services are often provided by investment banks to public and private clients
involved in M&A and financings. The areas of capital structure advisory, valuation
advisory and risk management advisory have been popular at many investment banks.
Often work will be done to determine a client's value, options for creating value or on a
client's industry conditions.
Equity and Fixed Income Research
Security analysts are usually assigned to an industry or region. You could be responsible
for making buy or sell recommendations to investors about a stock or bond. Your duties
would involve visiting companies and heavy telephone contact with institutional
investors. Investment banks often like to hire people with industry experience into
analyst positions (as opposed to fresh MBAs or undergrads). For example, if you were a
restaurant executive you could probably get hired as a restaurant industry analyst with a
healthy pay raise. Knowing the business, being able to talk to clients well and having
good forecasts are key in this position. You want to help your firm avoid the dreaded
Worst Analysts list. Analysts are often referred to as either quants or fundamental
analysts. Fundamental analysts make recommendations based on what's going on at a
company--how's the CEO, what are the earnings etc? In contrast, quants look at
computer programs that identify undervalued securities, markets or even whole
countries. There are fewer quant jobs, but they often pay more because the required
mathematical and technical skills are harder to find. (Find jobs like this)
Copyright 1997-2011
International Sales/Emerging Markets

An area of continued growth is in international sales. Despite many past disasters like
the Asia crisis in 1997, investor demand for securities issued in emerging markets
typically comes back strong. Firms are meeting this demand by providing sales
personnel and analysts specialized in these markets. Another area of high demand is in
emerging markets such as Thailand or Mexico. Firms are looking for people with specific
language skills, a willingness to travel and knowledge of these emerging markets. You
can often rise very quickly in this area, even if you are quite young. But expect high risk.
Events like the Russia default in 1998 have historically triggered extreme volatility in
emerging market bonds, and corresponding layoffs among those who help issue and sell
them. A great place to track goings on is through Bloomberg's web site. (Find jobs like
this)
Public Finance
The market for municipal bonds is very large and calls for analysts, municipal advisors
and traders. Positions in public finance are usually difficult to obtain but offer high
rewards. Persons with previous experience in public administration would be attractive
to investment banks in this capacity. A major growth area in municipals is in the project
finance area. (Find jobs like this)
Retail Brokerage / Private Client Coverage / Stockbroker
Private Client Bankers / brokers are in the business of selling stocks, bonds, insurance
and other investments to individuals. Some brokers specialize in high net worth
individuals while others span a variety of clients. This is a tough business to get started
in (especially if you are much younger than your clients), but the rewards to a good
people person with great sales skills are high. Many brokers earn upwards of $500,000.
Try to start with a firm like Merrill Lynch that has a good training program. (Find jobs like
this)
Institutional Sales
In institutional sales you would be responsible for conveying information about particular
securities to institutional investors. You would be likely to have heavy contact with portfolio
managers and your own firm's analysts and traders. Sales skills and product knowledge are
crucial in this area as is the ability to get through to busy institutional investors. Working in
sales for an investment bank (on the sell side) is often good preparation to move over to the
buy side (insurance companies and mutual funds). Both types of jobs can be brutal and subject
you to abuse. A common Wall Street Joke: What's the difference between a sell side and a buy
side player? Answer: On the sell side they curse you only after they hang up the telephone.
Taking abuse can be lucrative. The average salaries in institutional sales can exceed $750,000
per annum. (Find jobs like this)

Copyright 1997-2011
IT and Systems
Some of the best jobs in computers and information systems are on Wall Street. A firm
with good trading software, pricing software, or back office software can get a strong
competitive advantage. Mid six figure salaries are not uncommon for good systems
people. (Find jobs like this) A few system architects with skills in particularly high
demand, like those that build the big banks' high frequency trading programs, have
been known to make in the low seven figures.
Ratings Analyst
One way to break into investment banking is to start as a ratings agency analyst. The pay
is relatively low and advancement opportunities aren't great, but the investment banks
know it and use the agencies as hunting grounds for new analysts. The two largest
agencies are Moodys and Standard and Poor's. As of mid-2009, Moodys had over 1,000
analysts and S&P rated $32 trillion worth of securities. These highly profitable agencies
grade the credit quality of companies and sovereign entities accessing the markets.
Most of their revenue comes from fees paid by issuers. There is high demand for
persons who can rate corporate bonds and structured finance intelligently. "We are not
auditors and we don't use lie detectors, so it's up to our analysts to be smart enough to
ask the right questions," says Edward Emmer, executive managing director and head of
S&P's corporate ratings department. Both agencies have suffered accusations of conflict
of interest - and have faced regulatory attention - for giving high ratings to mortgagebacked securities that subsequently unravelled in 2008/09, contributing to the nearimplosion of the banking system. Consequently, the big agencies' competitors, including
other agencies like Fitch and smaller independent research providers like CreditSights,
have consolidated their market gains. Nonetheless, Moodys and S&P have survived
similar crises in the past involving securities they rated highly, including the collapses of
Enron and Worldcom. As long as third-party ratings are used to at least partially define
the risk in major financial institutions' portfolios - and they still are - rating agencies will
exist. (Find jobs like this)

Copyright 1997-2011

Salaries
Going into 2013, starting salaries for

investment banking positions with a
bachelors degree (assistant or junior analyst
position) should range from $100,000 to
$150,000 after bonus. Most of the major
banks in NYC are offering a starting salary of
around $75,000 plus a $15,000 to $20,000
signing bonus. Further bonus can range from
$20,000 to $40,000 depending on
performance. Starting salaries with an MBA Traders Walking into Credit Suisse, New York
degree (associate position) range after bonus
from $120,000 to $220,000. These salaries vary with firms and with the region of the country
you are in. Bonuses typically would be 10-50% of salary to start and can move to one to three
times salary later. Lately, salaries have increasingly included an equity component which may
not be liquid for up to nine years, although as an analyst you would typically be sheltered from
this.
As we write this in August 2012, banking salaries and bonuses are under pressure as several
large banks are reporting poor profits and considering layoffs. The public perception that high
banker salaries may have worsened the financial crisis of 2008/9 is not forgotten.
Generic salary advice: Some firms tend to pay less than others because they can get away with
it. You might actually be better off taking less. Obviously don't give yourself away but at the
entry level, the quality of experience you get and the strength of the people you will work with
are far more important than how much you get paid. You are trying to maximize the present
value of your future earnings and enjoyment. This may involve taking lower pay now. Or, if
you're lucky, it might not.
Salaries are Flat to Down in 2012 but up from the Financial Crisis Bottoms. All-in
compensation took a substantial hit in the financial crisis with many firms paying low to zero
bonuses (the dreaded "goose egg"). Starting offers in 2012 and many year-end bonus numbers
for 2011 were up substantially, although typically down from their pre-crisis peak in 2007
(overall, down 10 to 30% from peak, depending on the firm and position). Bonuses being paid
at the beginning of 2013 are likely to be flat to down given recurrent weakness. Bulge firm
salaries tend to be similar to those at boutiques but are higher than in regional firms.

Copyright 1997-2011
Forecast salary ranges in the 2012 to 2013 period are as follows:
Salaries in Investment Banking (with bonus)

Job Level
Salary Range
Typical All-in
Comp
Prerequisite
(degree/yrs
experience)
First Year Analyst
$100K - 150K
$110K
Bachelor's
Third Year Analyst
$120K - 350K
$145K
Bachelor's
First Year Associate
$150K - 250K
$170K
MBA
Third Year Associate
$260 - 500K
$310K
MBA
Vice President
$250K - 1MM
$450K
3-6 years
Director / Principal
$400K - 1.5MM
$700K
5-10 years
Managing Director /
Partner
$500K - 20 MM
$1.2 MM
7-10 years
Department head
$800K - 70MM
$2.5MM
10+ years
Note: This table is based upon conversations with banking insiders about yearly bonuses that were paid between
December 2011 and February 2012. MM denotes millions. K denotes thousands of US dollars.
We are hearing a lot more diversity in compensation levels than usual. The old rules that
implied highest comp at the most prestigious firms no longer apply. This is less true at the
analyst level where firms try to harmonize compensation with "The Street". Firms will raise
starting offers, more or less, in lock step at this level. However, the situation differs at more
senior levels - even mid Associate.
But the big issue today is the lack of cash in comp. Base cash salaries have gone up but the cash
part of bonuses was less than $150,000 in most firms and, in some firms, cash bonus comp was
capped at $75,000. Well known firms such as JP Morgan, Bank of America ML and Goldman
took cash comp down substantially. This has caused an exodus for other more interesting areas.
A related salary trend involves compensation across areas. Obviously, with the new financial
reforms, certain areas like prop trading, institutional equity sales and securitization are under
pressure. In contrast, other banking areas like health care M&A/financing and private banking
are in growth mode and compensation levels have held up.

Copyright 1997-2011

Facts and Advice
A good time to send your resume to an investment bank is in
November and December.
Hires are usually made around January and February. But
don't stop in February just because you haven't hit your
target. According to one analyst we spoke to it's really
crucial to be persistent. It's basically a numbers game.
Contact lots of people. But at the same time, customize
your approach to each person and bank. That means it's
going to be pretty much a full-time job.
Don't forget to check back.
Traditional recruiting is done by April. Lots of people also
change jobs in the March to July period. This is going on
heavily in the post-financial crisis period because banks are
doing well and are scrambling for people. This means that
many banks are looking for personnel in July, long after the
resumes have been thrown away. Somewhat surprisingly,
the best time to find a full-time job is by screening your
contacts in late Spring and Summer.
Deutsche Bank Place

Sydney, Australia
Investment banking is bounding back after the financial crisis.

Investment bankers lost jobs in record numbers due to the financial crisis from June
2008 to Sep 2009. While many firms have not yet fully bounced back, things have turned
around substantially. Hiring is picking up substantially and while things won't be bubbly
again for awhile, there is no doubt that banking is back. It's a great time to enter this
profession.
Franchises Being Sorted Out
Certain franchises are suffering significantly. Morgan Stanley has seen its league table
standings in M&A fall. This is a strong firm that went through substantial turmoil in 2006
with the result that quite a few of its top flight bankers left.
Similarly, Bank of America absorbed Merrill Lynch. Yet B of A is culturally very different
and, as a result, many of Merrills best and brightest have moved on. Citigroup has laid
off large numbers of people but is holding its own in 2010.
Bulge Bracket Changing
There is always movement in the bulge group and the emergence of new powers in
the top 10 list of banks that are not at the top. The new bulge powerhouse is JP Morgan
which is now a real rival to Goldman Sachs for the title of the worlds premiere
Copyright 1997-2011
investment bank. Firms like Credit Suisse, JP Morgan and RBS benefitted from the
financial crisis but haven't been keeping their gains in 2010. In contrast, recovering
franchises like Barclays and Morgan Stanley are picking up in league tables in 2010.
Goldman Sachs has not benefitted from recent U.S. congressional scrutiny but still
maintains strong client loyalty. In addition, Deutsche Bank has been steadily climbing
the league tables as of late and has solidified a position as a major world player in
investment banking.
Not Going Away
Despite apocalyptic media coverage in 2009, investment banks are here to stay. Their
function is far too central in the economy. On the one hand, investment banks solve a
matching problem between multiple buyers and sellers of assets in the M&A market. By
facilitating asset transactions, investment banks play a valuable role not dissimilar in
function that played by real estate agents, export brokers etc. Similarly, in financial
markets, banks match users and providers of capital. This is an enormously important
function that will only grow over time.
Investment banking is one of the most global businesses on earth.
Investment bankers spend plenty of time tracking down corporations in Peoria and
Seattle. But they are just as likely to be working with investors and issuers on the other
side of the world--perhaps Hong Kong, Bulgaria or even Africa.
Investment banking is seeing massive consolidation.
Today, firms are combining at an unprecedented rate. Recently, Merrill Lynch
has merged into Bank of America. Lehman has merged into Barclays and
Nomura and there is talk that other major firms may combine as well.
The investment banking business is notoriously competitive.
There are probably too many investment banks in the industry and business is hard
fought.
Investment banks are facing declining margins on bread and butter business.
Margins are falling in underwriting of investment grade debt, vanilla foreign exchange
and many areas of OTC derivatives. Treasury bond trading is fast becoming one of Wall
Street's least profitable areas. This is putting downward pressure on salaries in places.
Expect more pressure on salaries in time for traders as electronic trading becomes more
prevalent.
Sometimes you will find yourself working for an egotistical jerk.
What do you do? First, don't take the job in the first place. If someone mistreats you in
an interview, get up and walk out (funny... you may actually get offered the job).
Second, be sure to communicate your needs very clearly when it matters when dealing
with an ego-creep. It might just be that someone is so busy and overwhelmed that they
Copyright 1997-2011
get abusive. Laying it out in a nice way may help. Finally, if you find yourself in a truly
pathological environment working with dysfunctional people, bail out. Life is too short
and the money isn't worth it.
Labor Arbitrage Increasing
Shift towards outsourcing at the analyst and associate roles. Increasingly, investment
banks are substituting highly skilled but less expensive labor from locales such as India,
China and even Vietnam for analytical work and pitch book prep work normally
carried in London or New York. Suppose, an associate makes $300,000 a year and works
3,000 hours a year. That works out to $100 per hour. A number of outsourcing services
will prepare materials for $20 to $25 an hour that are well done. Classic labor cost
arbitrage that will grow in importance over time.
Less "Monkey Business"
Investment banks are notorious as hierarchical playgrounds, rife with acting up, bad
behavior and too frequent sexual harassment and other forms of misogyny. Firms are
cleaning up and leaders such as John Mack of Morgan Stanley and Bruce Wasserstein of
Lazard deserve credit for setting zero tolerance cultures for bad behavior. This bodes
well for the future of women, minorities or persons who are generally not out of
Brooks Brothers Central Casting in the industry.
Pick the first firm you work for carefully.
People who jump from firm to firm too much are less likely to get hired into a great job
because your loyalty will be in doubt. One leading global investment bank has a practice
of minimizing hiring from outside to avoid "career jumpers."
Investment banking is generally transaction driven.
In this environment a single individual with good client contact can make an enormous
difference for a firm. This is part of the reason that star investment bankers
("rainmakers") take home high bonuses.

Copyright 1997-2011

Top Firms
Going into 2011, the industry has a new landscape following the 2008/09 financial crisis and its
attendant stunning failures and near-failures of blue chip firms like Merrill Lynch and Lehman
Brothers; bank bailouts; and pronounced slowing of the capital markets. M&A activity has come
back strong--stronger, in fact, than other business lines at most of the remaining bulge bracket
firms. The two tables below, based on data the New York Times assembled from Thomson
Reuters, list the top ten firms by dollar volume of M&A activity from the beginning of 2010 to
the end the third quarter. The first table gives worldwide rankings; the second rankings based
on US activity. We also have detailed historical listings of top firms, below the second table.
Reviewing the similarities and differences between the historical and current league tables is an
exercise both instructive and sobering for those pursuing a career in investment banking.
Leading Firms / 2010 (to Q3) Worldwide M&A Volume League Table
2010 M&A
Volume Firm
Rank
1
Goldman Sachs & Co
J.P. Morgan Chase
Morgan Stanley
Credit Suisse
Bank of America / Merrill Lynch
Deutsche Bank
Barclays Capital
UBS
Citigroup
10
Lazard
Address
200 West St.,
New York, NY 10282
270 Park Avenue,
New York, NY 10017
1585 Broadway,
New York, NY 10036
Eleven Madison Ave.,
New York, NY 10010
100 North Tryon Street,
Charlotte, NC 28255
60 Wall Street St.,
New York, NY, NY 10019
745 Seventh Avenue,
299 Park Avenue,
New York, NY 10178
388 Greenwich St.,
New York, NY 10013
30 Rockefeller Center,
Phone
(212) 902-1000
(212) 270-6000
(212) 761-4000
(212) 325-2000
(212) 526-7000
(212) 250-2500
(212) 526-7000
(212) 916-2000
(212) 399-6000
(212) 632-6000
Source: New York Times, September 2010 citing Thomson Reuters.

Recruiting Outlook
Financial market turmoil triggered by excessive buildup of investment bank balance sheets has
caused valuations of investment banks to decline dramatically in the period from June 2008 to
March 2009. This has been associated with substantial reductions in bonuses and large-scale
layoffs.
Still hiring. Investment banks are still interview analysts and associates for the class of 2009
despite their layoffs. Some firms are stronger than others and as a result, the hiring that takes
place in 2009 will be spotty.
Boutiques are hot. Because firms that took federal TARP money are constrained on paying
bonuses, there is increasing hiring in the boutique firms. Places like Moelis & Company, GCASavvian, Lincoln International, Greenhill and Lazard are hiring. These firms are unconstrained in
what they can pay their bankers and are likely to experience substantial growth in the years
ahead.
Boutique Investment Bank Guide
Certain global firms that did not take TARP money are doing relatively well. These include
Deutsche Bank and Barclays Capital which has absorbed Lehman and has kept on hiring in 2009.
Credit Suisse appears on the upswing after seeing many strong bankers leave over the last
decade.
In fixed income there are areas of high interest, including credit research and investment grade
bond origination.
Areas that have shrunk and are not likely to grow again include structured credit, particularly
CDS; mortgage-backed securities and proprietary trading.
Restructuring practices are red hot. Firms like Blackstone, Greenhill, Lazard and Perella
Weinberg have booming restructuring and bankruptcy practices. New bankers are being hired
into these areas in substantial numbers.
Restructuring Banker Guide
Certain industry areas remain robust. Examples of areas where investment banking activity is
strong in 2009 include parts of technology, healthcare and consumer products. Healthcare, for
example, has seen some of the largest deals in history take place including the merger of Pfizer
and Wyeth and the acquisition of Genentech by Roche.

Copyright 1997-2011

Life as an Analyst
Analysts are typically recent undergraduates who work long hours and do a fair bit of grunt
work. A good analyst helps his or her boss get their job done and done well. Analysts are not
normally expected to contribute in meetings but often can. After the typical two-year analyst
program at a major investment bank, many analysts return to school for an MBA before coming
back to investment banking. Others choose to try other opportunities. During recruiting out of
an MBA program, former analysts will be at a significant advantage over others without
experience.
Key analyst skills include:
the ability to work with Excel spreadsheets,

write macros in VBA,
track and generate weekly newsletters (weeklies),
keep schedules,
generate prospectuses,
get burgers
put in and retrieve pitch books from the copy center
answer client phone calls.
Success Factors
Key success factors include (i) getting your job done well and without friction, (ii) getting things
done on time, (iii) asking for help when you need it, (iv) dressing neatly, (v) not complaining,
gossiping or whining, (vi) learning to use the library and the web to do research, (vii) become a
whiz-kid with Bloomberg, Excel, Word and Powerpoint, (viii) always give your boss credit, (ix)
know when to cheer up your boss and (x) know when to stay out of the way.
A good analyst also networks, observes and thinks. You want to be genuine yet make it clear
that you like your boss. Excessive posterior kissing is a negative. It's always good to have a little
hobby as well like following stocks, playing Liars Poker or following currencies. You can do this
when things get quiet in August.
Assessment
It's a tiring life but gives you a good chance to learn the investment banking field and bond with
people whom you will work with later. Being an analyst is one of the best ways to break into a
very good field. The return on investment from being a good analyst can be over 50 times what
they actually pay you.

Copyright 1997-2011
After two years, most analysts leave to get their MBA or

pursue other positions. It all depends on the firm. Some places
have a pretty strict policy of getting rid of you. Others are
more mellow. It makes sense, after all, to try to keep very good
people who can get a job done. If you don't go back and get an
MBA you might benefit from going out and getting a CFA.
Small Sales and Trading Desk

Copyright 1997-2011

Life as an Associate
An associate is typically a recently graduated MBA or an analyst who gets promoted after three
or four years. You will usually stay an associate for three years or so. An associate still has to do
a lot of grunt work and may even have an analyst to call on. Your hours will still be miserable
and you haven't really become a human being yet. Like a good analyst, your job is to make your
boss look good and to understand what's going on. Your boss may abuse you from time to time
and you aren't supposed to complain really. This is a job where you can really start to shine. If
you add value to transactions or help get things done in some other meaningful way, you can
expect to be paid a reasonable bonus and have a shot a promotion to AVP.
Associate level pay in New York firms runs roughly $90,000 in your first year (including bonus).
If you are good and stay awhile, expect to go up to roughly $130,000 to $150,000 before you
hop up another level. In London expect a salary of roughly 60,000 to 80,000 Pounds (all-in).
Key Skills
In investment banking / corporate finance / M&A, key associate skills include:
the ability to do DCF valuations

the ability to use Excel in your sleep
the ability to arrange client meetings and get the logistics right
the ability to deal with horrendous egos
the ability to find comparable companies
the ability to network within the firm and befriend key people like librarians, IT gurus,
messengers, lawyers, compliance etc.
In debt and equity capital markets positions, key associate skills include:
the ability to massage league tables

the ability to price up new deals (e.g. bonds, convertibles, preferreds)
pretend that you know what's going when clients call in and the boss is not around
the ability to track past deals and pricing to sense where the market is going
check and generate weekly newsletters (weeklies)
the ability to fill in silences in meetings with insightful comments (while making sure
your boss controls things)
coordinate due diligence
prepare document on debt and equity deals
make sure analysts get burgers from the right place
generate pitch books with your eyes closed while talking to clients and screaming at
syndicate
Copyright 1997-2011
In sales and trading positions, key associate skills include:
the ability to watch your bosses blotter

the ability to know where prices are
the ability to work options pricing models
the ability to bluff a little when needed
the ability to eat endless fattening food without getting fat
the ability to golf, play tennis, drink and joke around with clients
the ability to make clients feel comfortable with you
Success Factors
Key success factors include (i) getting your job done well, (ii) getting
many things done in a chaotic environment, (iii) dressing well, (iv) having
a beer and a good time every once in awhile, (v) always making your
boss look good, (vi) being a total whiz with computers, (vii) being able to
spin bad news into ok news and (viii) network within the firm. Other
good things to do include figuring out when a job could be done better
and going out and doing it. For example, create a database to track the
results of an equity tender offer. Initiative is key. Also, getting to know
clients is very important since you will be using those relationships later on.
Assessment
As an associate you are in. Your job now is to prove you have what it takes to make in
investment banking. You may not always like the environment and culture you are in, but your
job is to survive and eventually excel. You are only a few years away from getting your own
clients, initiating your own deals and making some good money.

Copyright 1997-2011
G- Careers in Money Management:

Overview
Do you like to look behind the numbers? Do you like to
analyze market trends? Do you get an adrenaline rush when a
stock takes off? If so, then money management may be the
career for you. Money managers hold stocks and bonds for
institutional clients and are on the buy side of Wall Street.
Some money managers use the latest sophisticated
quantitative techniques while others do very well using
simple intuition.
Each investment manager has their own unique style. The key
to being successful is to have discipline, be broad-minded and
be willing to admit defeat if an investment goes against you.
Many money managers buy and hold fixed income securities
including mortgaged-backs, corporate bonds, munis, agency
securities and asset-backed securities. Others focus on
equities, including small stocks, large caps and emerging market stocks. Because of its explosive
growth in the last decade, we treat the opportunity to take a career in a hedgefund separately.
Unfortunately, it is hard to get started in investment management. It is particularly hard to
start working for the best money managers or a top mutual fund. Good places to start are in
bank trust departments, state and local pension funds and in insurance companies. Many
people cross over into money management after getting years of experience on the sell side of
the business in investment banks. Perhaps one of the best ways to break in is on the marketing
side.
If you have the social skills and intelligence required to market money management services,
there will be many companies interested in hiring you. To get started today, be sure to study
portfolio theory, learn fixed income investments, take the CFA exam and, above all, learn the
industry. And then, with a little luck, you will enjoy one of the most personally rewarding
careers in the world of business: Money Management.
Resources
G-1: Skills & Talents Required in Investment Management

G-2: Job Options in Money Management
G-3: Salaries in Money Management
G-4: Facts & Trends in the Area
G-5: Top Money Managers
Copyright 1997-2011
G-1: Money Management: Skills & Talents

The money management industry is booming and offers a variety of career options. This
field deals with the largest markets of any kind in the world and call on the following skills:
Key Skill Area
People skills:
Sales skills:
Analytical skills:
Creative ability:
Initiative:
Work hours:
Requirement
Medium
Medium
Medium
High
High
Medium
Medium
55-75/week
On the Buy Side

The field of money management involves working on the opposite side of the fence from
the investment banks. That is why this field is known as the "buy side."
More Humane than Investment Banking
Many investment bankers are "Type A" personalities whereas money managers aren't as
hard-charging. The job calls for a mix of Type A and Type B.
Must be Able to Take Risk
Money managers get to face the challenges of investing. If you like the excitement of
selecting investments and can deal with the uncertainty of waiting for the payoff this field is
for you.
It's Important to Have a Broad Understanding of Business
One of the exciting things about investing is that you get rewarded for knowing how
business works. People who understand and enjoy business are among the most likely to
succeed in this arena.
You Gotta Hang In There
You need to be a tenacious person to succeed in money management. It's tough to break
into the business but once you have experience, the rewards can be high. Be prepared to
hang in there through some tough times.
Approaches are Diverse
There are many styles and approaches to investing. You can approach the field in a very
technical way with heavy reliance on computers or, instead, resort to a common sense, lowALL INFORMATION RETRIEVED FROM:
Copyright 1997-2011
tech approach. One of the leading investors of our time, Warren Buffett, employs a small
staff and spends little time with quantitative models when making investment decisions.
Think About How You Are Going to Get Started
Because it is so hard to break into money management it is advisable to think carefully
about your entry strategy. You have to bring something to the table in an interview that
others can't. This will either be superior knowledge and understanding or experience. A
good place to start is to get experience in investing by working for a public pension fund, a
bank trust department or for a mutual fund.

Copyright 1997-2011
G-2: Money Management:

Job Options
Portfolio Manager
Portfolio managers will usually work for a money management firm or pension fund to
select and manage investments which meet the goals of a group of investors. Many
managers now work in specialized commodity funds or hedge funds. Portfolio managers
have different styles ranging from a bargain-hunting approach (value investing) to a
growth stock selection approach. This work requires patience, discipline and a strong
understanding of financial markets and companies.
Portfolio Management Marketing
If you are outgoing and knowledgeable, then you might consider a sales position in
portfolio management. This means that you will spend a lot of time putting together
presentations for clients (working with the portfolio manager). Each presentation needs
to be put together very well and calls for hours of work and strong knowledge of the
firm. Firms often are looking for seasoned professionals in this position. People who
command respect and trust when making recommendations about ways to invest large
sums of money. Expect heavy travel and good pay.
Investment Advisory
There is a large industry of firms which provide investment advice, performance
evaluation and quantitative analysis to the money management sector. This business
consists of firms such as Wilshire Associates in Los Angeles, CA which provide
customized reports to pension funds and the like. This work requires strong quantitative
skills and deep appreciation of finance.
Mutual Fund Analyst
Many mutual funds and large pension funds require analysts to do the analytical work
required before an investment is made. Is a particular municipal bond safe? What is its
interest rate risk as measured by duration and convexity? What other features of the
security are important to understand before purchase? This work is analytical and
requires a working knowledge of computers, perhaps in the programming dimension.
Most mutual fund analysts truly enjoy their jobs because of the sleuthing involved and
the fact that the work is different every day.
Hedge Fund Principal/Trader
Hedge funds are opportunistic, private funds which invest in stocks, bonds, currencies
and derivatives often using significant amounts of leverage. These funds hire analysts
and traders and have exhibited rapid growth in recent years.

Copyright 1997-2011
G-3: Money Management: Salaries

Salaries in money management are likely to be mainly a result of performance. Starting analyst
positions for undergraduates at leading mutual funds, pension funds and bank trust
departments have salaries in the neighborhood of $60,000 to $80,000.
In the world of equity portfolio managers, there is high dispersion of pay. A job at a state
pension fund or a bank trust department will pay in the $90,000 to $180,000 range. Once you
are out into a private fund or a money management outfit, salaries can rise quickly if you have a
record of strong performance. These days, we hear numbers on the order of $500,000 rather
routinely and numbers north of a million on occasion for equity managers. Certain hedge funds
have managers who make over $50 million a year.
Matters can be equally lucrative on the fixed income side. There are pockets of scarcity such as
managers of mortgage- backed securities and asset-backs. In this area, a common number
might be $1,000,000. Many money management organizations are relatively small (perhaps 5
principals and 20 others). In these organizations one typically finds that the principals do
extremely well since they are equity holders in the enterprise. Numbers north of $10 million are
not unheard of. That said, starting and running a successful money management outfit is a life's
work that requires all the skills discussed above in ample strength.

Copyright 1997-2011

Facts & Trends
Educate Yourself
If you are thinking of going into money management be sure to train yourself well in
fixed-income analysis and strategies. You are most likely to be employed in a job
analyzing bonds so be sure that you are familiar with measures of bond price volatility,
factors which affect bond prices, valuation of bonds (especially with embedded
options), yield curve strategies and institutional details of the Treasury, agency,
corporate, municipal, euro, mortgage-backed and asset-backed markets.
Succeeding as a Money Manager is Challenging
The job requires a combination of intelligence, effort, intuition and discipline to succeed
in the long run. Most people lack the proper combination of these traits.
Breaking in Tough
It is hard to break into the business of money management. A good place to start is at a
commercial bank in its trust department or at a state-run pension fund. Insurance
companies can also be a good starting point if you are a strong student.
Indexing is Gaining Momentum
Faced with poor results from active management, it is becoming more common for large
pension funds to index their investments. Indexing is the practice of passively mimicking
an equity index such as the S&P 500. Some of the largest fund groups including Barclays
Global Investors, Vanguard and TIAA-CREF are promoting indexing. The result has been
explosive growth, albeit with much lower fees than is being charged by active managers.
Hedge Funds Getting Tougher
Hedge funds have expanded massively in recent years and are now seeing substantial
shrinkage as limited partners withdraw funds. There are, of course, a number of hedge
funds that continue to grow.
Mutual Funds are Enormous
Mutual funds are pools of financial resources managed by a professional money
manager. The Investment Company Institute reports over 20 types of funds ranging
from growth funds to precious metals funds. Key mutual funds activities fall into trading
and order execution, investment analysis, marketing, record keeping and customer
services.

Copyright 1997-2011
Professional Managers are Big

Sanford Bernstein and Co. estimates that over $9 trillion is entrusted to professional
money managers. The business of money management is enormous.
Pay for Performance Expanding
A new trend in money management is towards pay for performance. This means your
pay will be high when times are good, but barebones in bad years.
Money Management is Going Global
Another growth area in money management is global investing. According to Pensions
and Investments, the fraction of international investments by the Top 200 US pension
funds increased by over 25 percent.
The Mutual Fund Business is Facing Ferocious Competition.
There are now over 6,000 mutual funds in business. However, no-load funds (which do
not charge customers an up-front fee) are growing very rapidly.
On the Whole, Money Managers Don't Beat the Market
In the last ten years, 74% of equity managers did not beat the S&P 500 index after fees.
The old efficient market theory seems to work just like the textbooks say. If you go into
this business, then, it is essential to be aware of the difficulties of building a good record
and beating the market.

Copyright 1997-2011

Top Firms
Ranked by total worldwide institutional assets under management, in millions, as
of Dec. 31, 2007. Source: Pension and Investments Magazine.
Assets Under
Rank in 2007
Manager (2006 rank)
Management ($mm)
1
State Street Global (1)
$1,690,881
2
Barclays Global (2)
$1,457,745
3
Fidelity Investments (3)
$930,442
4
Legg Mason (4)
$744,816
5
Mellon Financial (5)
$744,534
6
BlackRock (13)
$680,265
7
AIG Global Investment (6)
$677,549
8
Northern Trust Global (7)
$606,534
9
Wellington Mgmt. (9)
$574,117
10
Vanguard Group (11)
$563,247
11
PIMCO (8)
$548,064
12
JPMorgan Asset Mgmt. (12)
$535,440
13
AllianceBernstein Inst'l (15)
$455,105
14
Prudential Financial (14)
$424,565
15
ING (10)
$411,324
16
UBS Global Asset Mgmt. (18)
$387,013
17
TIAA-CREF (16)
$376,814
18
Goldman Sachs Group
$367,167
19
Deutsche Asset Mgmt. (19)
$328,880
20
Morgan Stanley (21)
$316,869
21
Credit Suisse Asset Mgmt. (20)
$286,200
22
Capital Research (23)
$284,878
23
Columbia Mgmt. (28)
$223,411
24
Federated Investors (26)
$213,135
25
New York Life Invest. Mgmt. (31)
$194,222
26
T. Rowe Price (35)
$193,200
27
GE Asset Mgmt. (27)
$189,223
28
Wells Capital (29)
$189,110
29
MetLife (30)
$182,900
Copyright 1997-2011
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
BNP Paribas Asset (41)

MFC Global Investment (43)
General Motors Asset Mgmt. (32)
Bridgewater Associates (37)
INVESCO (38)
Dodge & Cox (44)
Capital Guardian (33)
Franklin Templeton (40)
Principal Global Investors (42)
Evergreen Investments (39)
Schroder Investment (36)
RiverSource Investments (34)
Aberdeen Asset Mgmt. (48)
SEI Investments (46)
Grantham, Mayo v. Otterloo (47)
ABN AMRO Asset Mgmt. (24)
Hartford Investment (45)
Russell Investment Group (49)
Dimensional Fund Advisors (54)
Janus Capital Group (50)
TCW Group (52)
RCM (56)
Lehman Brothers Holdings
ING Clarion/ING RE (55)
AXA Rosenberg (61)
Halbis Capital (90)
BNY Asset Mgmt. (58)
Henderson Global Investors (51)
Babson Capital Mgmt. (53)
AIM Advisors (89)
Baillie Gifford Overseas (63)
MassMutual Financial (57)
Brandes Investment (62)
Hartford Financial (68)
Nordea Investment (69)
Trusco Capital (59)
DLIBJ Asset Mgmt. (64)
LSV Asset Mgmt. (79)
Copyright 1997-2011
$175,865
$174,898
$170,501
$169,131
$164,801
$161,793
$161,688
$160,346
$158,759
$153,262
$151,500
$146,870
$146,392
$144,000
$140,996
$138,299
$131,237
$125,500
$122,889
$118,718
$113,224
$111,574
$110,673
$104,888
$97,732
$92,413
$91,926
$91,675
$88,786
$86,599
$86,385
$85,058
$77,724
$75,627
$74,184
$73,379
$72,373
$69,699
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
Conning Asset Mgmt. (81)

Putnam Investments (60)
Robeco Group
Barrow, Hanley (72)
American Century (66)
MFS Investment (73)
Acadian Asset Mgmt. (102)
MBIA Asset Mgmt. (82)
Loomis, Sayles (76)
Fortis Investments (70)
Dwight Asset Mgmt. (74)
PRIMECAP (78)
Geode Capital Mgmt.
Nomura Asset Mgmt. (67)
Mason Street Advisors (71)
Bank of Ireland Asset Mgmt. (77)
Lazard Asset Mgmt. (86)
Victory Capital (80)
Julius Baer (96)
Payden & Rygel (75)
American Beacon Advisors (91)
FAF Advisors (83)
Mondrian Investment (95)
Sun Capital (87)
Delaware Investments (100)
Record Currency Mgmt. (128)
Marathon-London (94)
Pictet Asset Mgmt. (119)
Commonfund (93)
LaSalle Investment (104)
Harris Associates (97)
Fischer Francis Trees (88)
Daiwa SB Investments (USA) (98)

Copyright 1997-2011
$67,775
$67,761
$66,638
$65,468
$64,629
$64,204
$64,065
$63,936
$62,180
$61,808
$61,800
$60,825
$60,699
$59,857
$59,507
$58,193
$56,057
$55,659
$53,486
$52,433
$51,492
$49,167
$46,231
$44,315
$44,259
$42,819
$41,844
$39,524
$39,509
$39,317
$39,062
$39,021
$38,183
Real Estate Careers Overview

As you read this, more than seven million people in the United States have jobs in real estate
fields such as title insurance, construction, mortgage banking, property management, real
estate appraisals, brokerage and leasing, and real estate development. In addition, many are
engaged in corporate real estate and in real estate lending in commercial banks, savings and
loans, and insurance companies where their jobs are included in counts of jobs in the real
estate sector. Over a third of the world's wealth is tied up in real estate. Real estate is collateral
for mortgages and a large amount of financial assets. Of course, at present, the markets are
weak in housing and real estate but this field is not going away. It is also worth recognizing how
interesting jobs in real estate are. Real estate professionals are tied to the development of our
society in a very direct way and participate in decisions that will shape the way we live for
centuries. Work in real estate is personally rewarding, ever-changing and challenging. Take
some time and consider your potential in the field of real estate.
Resources
H-1: Skills & Talents Required in Real Estate
H-2: Job Options in Real Estate
H-3: Salaries in Real Estate
H-4: Links, Books & Resources for Real Estate Careers
H-5: Facts & Trends in the Area

Copyright 1997-2011
H-1: Real Estate:

Skills and Talents
Real estate employers are looking for people with a combination of strong deal-making and
interpersonal skills. The skills involved include:
Key Skill Area
People skills:
Sales skills:
Analytical skills:
Creative ability:
Initiative:
Work hours:
Requirement
High
Very High
High
Medium
Low
Medium
High
20-70/week
Excellent Job Opportunities

The field of real estate involves the sale, management and analysis of land and
properties. This is one of the largest parts of the economy and offers excellent job
opportunities.
The Field is Highly Entrepreneurial
Real estate jobs tend to be more entrepreneurial and create opportunities to become
wealthy if you have the right mix of analytical skills and entrepreneurial drive.
There are Many Ways to Play the Field
One of the exciting things about real estate is that it can be approached from so many
different ways. You can be a white-collar worker projecting and analyzing cash flows
from new developments with spreadsheets; an agent in the field with heavy contact
with customers on a day to day basis; or an entrepreneurial property owner/manager
looking for undervalued real estate buys and strategies for creating value.
Multiple Entry Points Available
There are a variety of ways to break into real estate. If you are interested in the sales
side you need to get licensed and should go to work for a commercial or residential
broker. If you would like to get involved in property acquisition and analysis you should
get a higher degree with a specialization in real estate and go to work for a major
property management company. There are also many other ways to enter including
through corporate site selection departments, governmental entities and banks.
H-2: Real Estate: Job Options

Residential Real Estate Agent/Broker
Real estate agents and brokers are usually independent sales professionals who contract
their services to real estate brokers in exchanges for a commission-sharing agreement
(normally six percent). There are over 400,000 real estate brokers and agents in the
United States. To become a broker you must be at least 18 years old, a high school
graduate and have passed a written test on property laws and real estate transactions.
Most states also require 30-90 hours of classroom training. You can visit the National
Association of Realtor's web page at http://www.realtor.org/ to find out more about
this career area.
Commercial Real Estate Sales
Commercial property brokerage offices use sales associates who market office buildings,
hotels and many other types of commercial real estate for brokers. Commercial real
estate sales people usually specialize in a particular property type such as apartments,
retail, office, hospitality, shopping centers and industrial plants. Most of the large
commercial brokerage companies in the United States provide a great deal of local
market data and research in order to be able to service a cadre of sophisticated clients
who are making multi-million dollar investment decisions. Several trade organizations
represent the various commercial real estate subspecialties including the American
Industrial Real Estate Association, the National Association of Industrial and Office
Properties, the International Council of Shopping Centers, and the Society of Industrial
and Office Realtors. Additionally, the Commercial Investment Real Estate Institute
(CIREI), through its education program, has been conferring the Certified Commercial
Investment Member (CCIM) designation since 1969.
Real Estate Appraisal
Real estate appraisers provide unbiased estimates of a property's value and quality.
Appraisers usually work for banks or for appraiser firms and will normally value
properties by finding comparable sales in an area or by estimating the discounted value
of cash flows expected from a property. This profession is less cyclical than real estate
brokerage because appraisers are required when homes are refinanced-a time
historically when the real estate market has been slow. You can learn more about this
area from the Appraisal Foundation.
Property Management
Leading real estate owners require professional property managers. Managers are
responsible for negotiating leases, ensuring that tenants are satisfied, that rent is paid
and that rents reflect market conditions. The career of property manager requires good
interpersonal and analytical skills and a fair amount of negotiating prowess. This job is
personally rewarding and allows you to really learn the real estate markets should you
wish to embark in business on your own. The Institute of Real Estate Management
Copyright 1997-2011
(IREM) is the trade association representing property managers. Their training programs
include the Certified Property Manager (CPM) and Accredited Residential Manager
(ARM) designations.
Real Estate Advisory
Institutional investors are purchasing real estate more and more. But real estate is not
like a stock or bond that you can buy and put in a vault. Real estate advisors help
investors care for property and, more importantly, select property in the first place by
suggesting areas and property types that are likely to experience price appreciation in
the future. This job is fun and one that you can get into after getting experience in
investing or property management. People who are good with statistics and excel at
client contact do well in this job.
Investment Banking
Many investment banks have groups dedicated to real estate, particularly the
repackaging of mortgages into residential mortgage-backed securities (MBS),
collateralized mortgage obligations (CMOs) and commercial mortgage-backed securities
(CMBS). Big players include Credit Suisse, Deutsche Bank and Goldman Sachs. Other
popular areas include the REIT stock, bond and preferred stock origination business,
lodging investment banking, principal investing in real estate and synthetic lease
origination. If you have an interest in both real estate and investment banking, why not
go for both areas at once?
Development and Construction
Are you willing to work hard and take risks to develop new properties? Then a career in
real estate development may be for you. You can enter this business working for
another developer, moving up to construction manager, or you can strike out on your
own, starting with some smaller transactions. Good developers are results-oriented and
know how to get work on time which involves managing labor, establishing time
estimates, getting appropriate equipment operators and construction crews.
Real Estate Entrepreneur
Real estate is one of the last bastions of the free-enterprising entrepreneur who buys
properties in hope that they will rise in value because of improvement in market
conditions or renovations. Since WWII some of the wealthiest persons in the world have
been real estate entrepreneurs. To make it in this career you need to be savvy, hardworking, willing to take risks and fortunate. Remember, there are others who would
also like to become wealthy in real estate who will be bidding on the same deals and
properties that you will. It is important, then, to think carefully of how you can succeed
in this market through better wits, a superior management approach or a unique niche
strategy.

Copyright 1997-2011
H-3: Real Estate: Salaries

Pay in real estate depends greatly on what you do. Some of the wealthiest people in the
world have made it in the world of real estate. But, for most of us, salaries are lower. In
a recent survey the median salary of property and real estate managers was $57,000 a
year. However, many made more than $100,000 a year. This is a business where you can
make good money with hard work and a little luck. Your responsibility matters too. For
example, the median salary of property managers responsible for shopping malls is
close to $120,000 and the median salary of those who manage office buildings was
$150,000. Salaries in real estate sales are very difficult to characterize. It is said that one
in thirteen Californians has a real estate sales license; but most do not make any money
in a given year. That said, full-time, hard-working sales people in real estate can make
$90,000 a year after being in business long enough to build up a client base. Many
agents make more than $500,000 a year, but this is the exception not the rule.
Some further salary data as of 2009:
Position
Median Salary
Residential Property Manager
$65,000
Residential Real Estate Agent
$54,000
Financial Analyst in a Real Estate Company $60,000
Project Manager
$90,000
Mortgage Lender
$110,000

Copyright 1997-2011
H-4: Real Estate: Facts and Trends

Experience in real estate is key.
Do everything you can to obtain investing and property management background,
whether it be by taking an unpaid internship, managing some properties or making a
few small investments of your own.
REITs are hot.
The last decade has seen a large rise in real estate financings to the public through Real
Estate Investment Trusts (REITs). These trusts work like mutual funds and hold property.
The REIT boom is unlikely to continue over the next decade but this sector should
continue to offer good job opportunities for real estate analysts.
Negotiation Skills are Crucial.
A key skill in real estate is the ability to negotiate win-win contracts. Develop negotiating
skills now and you will definitely see a pay off later.
Technology is becoming much more important in real estate.
Those who know how to develop products which use digitized photographs and video
will have an advantage in the future because they can take properties to the customer
as opposed to having to take the customer to the properties.
Get Certified.
Certification is important, and often required, of real estate professionals. Contact the
National Association of Realtors at (312) 329-8449 for more information. Key
designations include Certified Commercial Investment Member (CCIM), Certified
International Property Specialist (CIPS), Certified Property Manager (CPM), Certified
Real Estate Brokerage Manager (CRB), Certified Residential Specialist (CRS). Resident al
Accredited Appraiser (RAA).

Copyright 1997-2011
H-5: Real Estate: Firm Listings

Real Estate Investment Trusts (REITS)
AMB
AvalonBay
Boston Properties
Brandywine Realty Trust
Camden Property Trust
CarrAmerica
Cornerstone Properties
Cousins Properties
Crescent Real Estate Equities Co.
Duke-Weeks
Equity Office Properties
Equity Residential Properties
FelCor Lodging Trust
First Industrial Realty Trust
General Growth Properties
Kimco Realty Trust
Mack-Cali Realty
Meditrust Corp.
Post Properties
ProLogis
Reckson Associates Realty
Simon Property Group
Spieker Properties
Taubman Centers
Tri-National Corp.
The Rouse Company
Westfield America
Hotels and Lodging
Bass PLC
Hilton Worldwide
Host Marriott
Hyatt Hotels and Resorts
ITT Sheraton
Patriot American
Starwood Hotels and Resorts

Copyright 1997-2011
Westin Hotels and Resorts
Developers
Catellus Development
Forest City
Gensler
Hines Interests
Kajima
Koll Development Co.
LendLease
Lincoln Property
Lowe Enterprises
Opus Group
St. Joe
Tishman International
Trammell Crow
TrizecHahn Development
Investment Management
Aeltus
AEW
Allegis Realty
Boston Financial
Clarion Partners
Frank Russell Co.
Heitman Capital
Insignia Financial
INVESCO Realty
John Hancock RE Invesmtent
Jones Lang LaSalle
Lend Lease
RREEF Funds
SSR Realty
Research and Consulting
Case Shiller Weiss

E&Y Kenneth Leventhal
Gruen Gruen + Associates
Landauer Associates
PricewaterhouseCoopers
Copyright 1997-2011
The Roulac Group

Torto Wheaton Research
Financing and Lending
AMRESCO
Deutsche Bank
Finova
GE Capital
GMAC
Heller Financial
W.P. Carey
Commercial Brokerage
CB Richard Ellis
Colliers ABR
Cushman and Wakefield
Grubb & Ellis
Jones Lang LaSalle
Spaulding & Slye
Trammell Crow
Residential Builders
Centex
Toll Brothers
Kaufman and Broad

Copyright 1997-2011

2 - Careers in Finance Resources

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

2 - Careers in Finance Resources

Uploaded by

Copyright:

Available Formats

A- Commercial Banking: Overview

Commercial banks are in the business of providing banking

A-1: Skills & Talents Required in Banking

A-2: Job Options in Commercial Banking

A-3: Salaries for Commercial Bankers

A-4: Facts & Advice about Commercial Banking

A-5: Top Commercial Banks

ALL INFORMATION RETRIEVED FROM:

A-1: Commercial Banking: Skills & Talents

Wall Street Types Will Find a Home

ALL INFORMATION RETRIEVED FROM:

ALL INFORMATION RETRIEVED FROM:

A-2: Commercial Banking: Job Options

ALL INFORMATION RETRIEVED FROM:

A-3: Commercial Banking: Salaries

Salaries in Commercial Banking

Junior Loan Officer

Senior Corporate Loan Officer $115,000

ALL INFORMATION RETRIEVED FROM:

A-4: Commercial Banking: Facts and Trends

ALL INFORMATION RETRIEVED FROM:

A-5: Commercial Banking: Top Firms (2009)

ALL INFORMATION RETRIEVED FROM:

A-1: Commercial Banking: Skills & Talents

Wall Street Types Will Find a Home

ALL INFORMATION RETRIEVED FROM:

ALL INFORMATION RETRIEVED FROM:

A-2: Commercial Banking: Job Options

ALL INFORMATION RETRIEVED FROM:

A-3: Commercial Banking: Salaries

Salaries in Commercial Banking

Junior Loan Officer

Senior Corporate Loan Officer $115,000

ALL INFORMATION RETRIEVED FROM:

A-4: Commercial Banking: Facts and Trends

ALL INFORMATION RETRIEVED FROM:

A-5: Commercial Banking: Top Firms (2009)

ALL INFORMATION RETRIEVED FROM:

Careers in Corporate Finance- Overview

Key Resources to Review

B- 1: Skills & Talents Required in Corporate Finance Positions

B-2: Job Options in Corporate Finance

B-3: Salaries in Corporate Finance

B-4: Facts, Trends and Advice for Corporate Finance Careers

ALL INFORMATION WAS RETRIVED FROM:

B-1: Corporate Finance: Skills and Talents

ALL INFORMATION WAS RETRIVED FROM:

B-2: Corporate Finance: Job Options

Investor Relations Officer

ALL INFORMATION WAS RETRIVED FROM:

B-3: Corporate Finance: Salaries

ALL INFORMATION WAS RETRIVED FROM:

B-4: Corporate Finance: Facts and Trends

ALL INFORMATION WAS RETRIVED FROM:

C- Careers in Financial Planning

C-1: Skills and Requirements for Financial Planners

C-2: Facts and Trends in Financial Planning

C-3: Salaries for Financial Planners

ALL INFORMATION RETRIEVED FROM:

C-1: Financial Planning:

College Degree Important in the Profession

ALL INFORMATION RETRIEVED FROM:

C-2: Financial Planning: Salaries