The term "financial services" encompasses many different types of finance related firms and businesses. Financial services careers can involve working on the quantitative side of a firm or organization, working to develop and maintain a client base, serving as a consultant to help organizations analyze and solve their problems, or helping a customer manage a bank account. More generally, financial services often involves the processes behind managing and motivating people to work toward common, productive financial goals. Skills often recognized and utilized in financial services careers include quantitative and analytical skills; teamwork and leadership skills; combined with persistence, initiative, and hard work.

INDUSTRY RESEARCH & RESOURCES

Industry research is an important first-step for individuals who are looking to assess their fit for financial services as a career, but is also essential for anyone who wants to pursue financial services professionally.  Knowing that you want to work in finance is not enough to get you a job in the industry or even an interview.  Educating yourself about industry terms, basic organizational structure, and recruiting time lines will help you identify the best job opportunities to pursue, as well as equip you with the resources necessary to be competitive for positions in the field. The section below is a quick outlook at the organizational structures of investment banks.

INVESTMENT BANKING

What is investment banking?

Investment banking is the business of raising capital for companies and advising them on financing and merger alternatives. Investment banks sell securities (debt and equity) to investors to raise this cash. Once issued, the securities trade in financial markets.

Corporate Finance – private side

• Mergers and acquisitions (M&A) advisory: Bankers assist in negotiating and structuring mergers between companies. They help to finalize purchase price, structure the deal, and ensure smooth transaction.
• Underwriting function: Bankers raise capital for a company by selling either stocks or debt to investors. Banks incur a large amount of risk in the transaction.

Corporate finance is often divided into industry-specific coverage groups. This allows groups to focus on developing the knowledge and relationships within the industry.

Capital Markets – private side

Professionals in this division are responsible for understanding recent transactions in the financial markets, and using this information to structure new transactions. They serve as advisors or leaders in executing deals.

Sales – public side

Salespeople develop relationships with individual or institutional investors and sell stocks or stock advices. As securities trade in the market, the salespeople represent their clients and execute purchases or sales on their behalf.

Trading – public side

Traders facilitate the buying and selling of stocks, bonds, and other securities. The two distinct roles a trader has include:

• Providing liquidity: Traders provide clients with the ability to buy or sell a security on demand. They make money by selling securities at a slightly higher price than what they pay for them.
• Proprietary trading: Traders may take trading positions on behalf of the firm, using the firm’s capital. Typically the same trader makes a market and engages in the trading for a security.

Research – public side

Research analysts follow stocks and bonds, and forecast companies’ future earnings to make write reports and make recommendations to outside investors. They typically focus and become experts on one industry and cover the companies within that group. The published research will be used by salespeople to convince clients to buy or sell securities through their firm. Researchers use only public information to construct financial models and recommendations.

Syndicate

Syndicate facilitates the placing of securities in a public offering. It determines the allocation of bonds and loans in debt deal.

CAMPUS RECRUITING TIMELINE

A number of large financial services companies adhere to a traditional recruitment cycle for internship and full-time positions and the chart below details the recruiting time line for these "bulge bracket" employers.  However, it is important to remember that many companies recruit outside of this formalized recruiting calendar.  Make sure that your job search includes both the job posting section of Lionshare as well as the on-campus recruiting section.

PROFESSIONAL ASSOCIATIONS & ORGANIZATIONS

Professional associations and industry organization networks provide excellent resources for learning more about financial services. A few of the most widely known are listed below:

• American Finance Association
• American Association of Finance & Accounting
• New York Society of Security Analysts
• Association for Financial Professionals
• Financial Management Association International
• 85 Broads

ADDITIONAL RESOURCES

The following sites provide industry specific information and can be utilized in conjunction with career education sites such as Vault and Wet Feet available in CCE's online Resource Library

• Careers in Business: career exploration site providing general overview of industry sectors
• Glass Door: peer-to-peer information about the interview process and offer negotiations
• Investopedia: informational and educational tools about investing and the stock market
• Mergers and Acquisitions: site of information and insight into investment banking industry
• Seeking Alpha: stock market analysis from market experts including quarterly earnings for over 1,500 public companies

FIRMS AND COMPANIES

The human resources and recruiting websites of the firms that you are targeting are an excellent place to identify opportunities available within the company.  These sites also provide a great way to research the company culture as well as the type of candidate that they are seeking.  The financial institutions listed below have previously participated in on-campus recruiting at Columbia.

CURRENT EVENTS & MARKET TRENDS 

 Being competitive for jobs in financial services requires that you be familiar with current industry trends and topics.  While you don't need to read each of the following publications every day, you should be knowledgeable about issues and events that have an impact on the industry - and not just the ones that are on the cover of the Wall Street Journal on the day of your interview.  Employers want to see your engagement with the field, that you are knowledgeable of market trends and that you are aware of domestic and international news that effects the financial sector.  Familiarize yourself with a least a few of these sites and read them regularly.  Or, use a page like eWallstreeter that will aggregate content by division from a variety of print and online resources.