Even as the finance industry writhes amid recession and restructuring, some jobless professionals are having trouble adjusting their expectations to the new reality. A column in Sunday's Philadelphia Inquirer details the saga of one Byron Wilson, a former investment advisor, insurance company vice president and Big Four CPA. In 2007, Wilson left a steady job to build his own investment advisory business at Smith Barney, leaving little time to build a... Read more

First came asset write-downs. Then came bailouts. Now, the U.S. government is taking a large, voting equity stake in Citigroup. The chain of events pulling significant pillars of the financial industry from shareholder to government control is coming to look increasingly inexorable. But what does nationalizing a bank do to the careers and compensation outlooks of professionals who work there? Constrained upside will drive producers and senior executives to seek... Read more

The MBA degree is retaining its value for changing careers or turbo-charging long-term advancement prospects, notwithstanding the recent hiring hiccup and continued uncertainty over job prospects for the class of 2010. Officials at a number of institutions report demand for summer associates is strong, in marked contrast to this time a year ago. "We're seeing more companies, more (interview) schedules, more offers," says Randy Allen, associate dean of the Johnson School,... Read more

Does the 40-hour work week law cover Wall Street back-office staff who process trades and resolve discrepancies? And legal niceties aside, could paying workers for overtime ever be put into practice in the frenetic and hyper-competitive securities business? Those questions arise from a lawsuit filed this week against Merrill Lynch and its new corporate parent, Bank of America. Plaintiffs Andrea Levine and Ivey Moore are derivatives settlement specialists who joined Merrill... Read more

You are nearing the end of an interview with a potential employer. It has gone well, in the sense that there were no questions that made you sweat or stutter. At this point, you are suppose to ask the interviewer some questions which bedazzle her with such insightfulness that she will not let you out of the meeting without your signature on an employment offer. But let's for argument's sake assume... Read more

Finding a great job in the financial markets can be challenging in the best of times, but when Wall Street firms announce the kind of headcount reductions we’ve been seeing lately the search becomes down right daunting. And according to a survey eFinancialCareers conducted this month with financial professionals, recruiters may not really help job seekers all that much either. The survey found that while nearly four out of five (78%)... Read more

While investment banks hemorrhage jobs, hedge funds continue to hire. But crossing the aisle is no easy task. One William Street Capital Management, a new asset-backed securities hedge fund launched by ex-Lehman securitization chief David Sherr, is one of at least 10 fund startups that plan to raise more than $1 billion each this year, according to Bloomberg. To be sure, the job opportunities within these funds are dwarfed by the more... Read more

GMAC Financial Services plans to add more than 200 jobs in Charlotte, N.C. The new slots are expected to include finance, risk management, accounting and corporate administration, at salaries averaging $96,600 a year. Under terms of a state incentive deal, GMAC promised to hire at least 130 people this year and add at least 200 by the end of 2010, the Associated Press reports. It's not clear how many of those... Read more

The expected cost of new regulations being implemented from financial reform was cited at the SIFMA Dodd-Frank impact Analysis conference as one reason banks are reluctant create new jobs. "There's a capital strike going on in corporate America," said Larry Kudlow, economist and host of the CNBC program, "The Kudlow Report." Speaking at the conference, Kudlow went on to say banks are "afraid to take the risk of hiring until... Read more

On average, financial services candidates currently need to interview for 2.5 roles before receiving an offer. At least that's the assertion of recruiter Marks Sattin, whose research suggests that five interviews generally elicit two or three job offers. "Obviously, this has to be put into context; if you're not at all suitable for the role, candidates could apply for hundreds of positions and their success rate will be limited," says Tim Hedger,... Read more

The ranks of Charter Financial Analysts in Canada are growing. More than 9,990 are registered to take the CFA exam in June, up 68 percent from 5,914 in 2006. Bob Johnson, deputy chief executive of the non-profit CFA Institute, says that's a sign of growing interest in the certification by employers, and the greater availability of training at colleges. Moreover, Johnson says, the number of candidates taking the exam for the... Read more

Searching for a senior-level financial role requires proper organization, even before you start. Laid-off CFO Gary Starr recently began dissecting his own job-search strategy and tactics for a series in CFO Magazine. Starr's advice in the initial installment is familiar but worth repeating. The main points: - "Searching for a position is a full-time job and should be approached with the same organization and zeal that one brings to his or her... Read more

Chinese economic expansion is sparking demand for various finance professionals for work within the U.S., says private equity consultant Song Jin. As privately owned Chinese firms move to invest in U.S. businesses and raise capital here, they'll need experienced U.S.-based investment bankers, lawyers, accountants and investor relations professionals, among others. That incipient trend, a by-product of the U.S. financial crisis and recession, marks the flip side of Western bankers' longstanding... Read more

Financial services employers are increasingly viewing temporary contract hires as a bridge toward permanent work. Here's how to arrive on dry land by the time your assignment ends. Hiring in financial services is swinging upward in tandem with activity in other sectors of the economy. Yet many employers are hedging bets by choosing to re-staff with contractors rather than restore permanent slots they'd eliminated during the downturn. In financial technology, for... Read more

The idea of taking a pay cut is anathema for all working professionals—especially for finance execs used to handsome compensation packages. But many are finding their paychecks and pocketbooks to be much leaner this year. For those impacted by a slash in pay, unlike before, most are choosing to stay put, says Ken Murray, president of Mercury Partners, an executive search practice for front office finance professionals. He says it’s... Read more

If there is ever a poignant piece of advice that university lecturers and textbooks failed to warn me about upon graduating and entering the workforce, it is the fundamentals of office politics. Not long after finding my feet in my new professional environment, I learned pretty quickly that sometimes it’s the brownnosing and “who you know, not what you know” ticket that guarantees movement up the corporate ladder. I have... Read more

Cities like New York, Chicago and Boston most often come to mind when one considers a job in financial services. And recently we pointed out how different areas of the country such as Salt Lake City, Seattle and the Raleigh-Cary region of North Carolina were also becoming financial centers. But would you believe a new survey shows the top city to find a finance job today is actually, San Francisco. The... Read more