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

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

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

With the government expanding and financial employers in lockdown, migration from Wall Street to Washington seems as natural as sunshine. Bankers, traders and securities analysts possess financial acumen and market savvy that Washington needs. And for a variety of reasons, many financiers right now aren't deterred by the low and rigid pay scales associated with government work. But what about culture? Can the bureaucracy handle an influx of hard-charging, bottom-line-driven innovators? And... 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

You may be tired of hearing that it’s a buyer’s market when it comes to jobs in the financial markets. And these days it’s not only the employers who aren’t responding to job applicants. Recruiters haven’t been on their best behavior either. In fact, candidates are complaining that when it comes to common courtesies, such as returning phone calls and following up with interviewees with advice on why they didn’t... Read more

Editor's note: This article first appeared on our Australian site. A spate of layoffs in recent months means some financial services professionals face the daunting prospect of job hunting while unemployed. Those fortunate enough to get an interview will of course be asked why their old employer got rid of them. Here’s a short guide to dealing with that situation. 1) Chill: the interviewer would be more worried if you... Read more

Operational risk remains a focus for trading operations and for good reason. Banks and investment firms say they’re worried about repeating the errors of the past. But just where do the operational risk managers and the quants meet, for instance? That’s been a serious point of contention. First, let’s make a serious distinction between credit and market risk and operational risk. Operational risk is driven by internal control problems—whether they... Read more

TD Bank's departing Chief Economist Don Drummond has some unusual advice for new graduates eyeing careers in economics: At this stage, mastering economic theory is more important than gaining practical experience. And the way to do that is to go straight from an undergrad degree to a Master's, as Drummond himself did more than 30 years ago. Drummond retires at the end of June after 10 years with TD bank preceded... Read more

Congress enacted Dodd-Frank, which created the Financial Stability Oversight Council, to guard against a recurrence of the financial crisis and to protect American taxpayers. The initial intent of this legislation was to coordinate various regulatory agencies and instill joint accountability for the stability of the financial system. However, with today’s highly-interconnected global financial markets, there is a risk of over-regulation or what some are calling "regulatory arbitrage" that carries with... Read more

It’s not uncommon for candidates applying to a bulge bracket or top bank to sit through a three- to five-hour interview session. Yes, the interview has become a marathon session, designed to break you down and reveal every little point of knowledge, as well as your personality flaws. But if you want the job, then you need some effective tools to do your best. Admittedly, the run-around with four or... Read more

Job hunting in this market takes a little extra effort. Here’s how to stand out. 1) Get networking By being well-networked, you’ll not only be able to tap into the "hidden" job market, but you’ll also be giving yourself a real advantage over other candidates, says Andrew Hanson, director, financial services, Robert Walters. “Your network should include anyone who can assist you with a job search or career move –... Read more

Reshaping financial oversight in line with the White House plan released Wednesday would likely create still more jobs within the Federal Reserve and its 12 district banks, and within a proposed new federal agency that would seek to protect consumers in their dealings with financial institutions. The Securities and Exchange Commission might need more heads to implement proposed new authority over hedge funds and other private investment vehicles, while the SEC... Read more

Just as Sarbanes-Oxley created a cottage industry of compliance professionals, the Dodd-Frank Wall Street Reform and Consumer Protection Act that was passed last year is expected to generate a slew of new financial jobs, especially for accountants and auditors. At least that’s what the Bureau of Labor Statistics in a recent copy of the Business Journal was predicting. BLS says employment for accountants and auditors is expected to grow “much... Read more

The SEC's latest high-level recruits know more than where the bodies are buried. They know how to dissect the skyscrapers of financial engineering that the bodies lie concealed within. But although the regulatory agency has picked up several prominent names from the worlds of quantitative fund and risk management, it's having trouble "filling out more of its ranks with people with unconventional resumes," the Washington Post reports. Knowing what the government... Read more

If your career plans include working for a regulatory agency, SEC Chairman Mary Schapiro's House testimony this week is must reading. Major portions of her text detail SEC hiring plans and organizational changes the agency is making to implement the new Dodd-Frank reform law. Here's a rundown. The law adds or expands SEC responsibilities for over-the-counter derivatives, credit rating agencies and private funds. It requires the panel to promulgate a large... Read more