Job In Banking -- Is Yours At Risk?
Even if you are an unpaid banking intern, consider your job in the banking industry of being under risk. There are very few businesses that will be immune in the world wide economic recession and banking jobs sure aren’t going to be one of them. According to the financial research form Celent, there will be at least 200,000 layoffs of banking jobs from September 2008 until June 2009.
What Jobs Are Affected?
Since jobs in banking covers such a vast territory in the financial landscape, let's look at what the economic experts are predicting to be the banking jobs most at risk:
• Anything to do with real estate. It's not only the homeowners who are hurting – it's also brokers, banks that hold the mortgages and anyone who works in TIC (tenant in common) investing or helping clients to invest in real estate.
• Investment bankers in general
• Loan processors (especially if the banks continue to freeze credit)
• Bank tellers. If no one has any money to use a bank, then there's no need to keep more than one teller line open on a business day.
Unless you are in higher management of are the CEO of a bank, consider your job at risk. Be sure that you have your resume updated, your references updated and put off any major purchase until after June 2009. You need to do this if you are looking for graduate banking jobs or are a branch manager.
What About The Wall Street Bailout?
Although Wall Street executives and the Bush administration pledged over $700 to banks and major financial firms to keep them from going under, they did so with hardly any strings attached and no guarantee to stop any layoffs. Two months after the huge bailout, banks in America are holding onto the money rather than letting it go to give credit to struggling American businesses. There have also been reports that bank executives have pocketed the some of the money and do not plan on any major reconstruction whatsoever – except for laying of many lower-rung banking jobs.
And not all big American banks and investment firms benefited from the bailout. Although business like AIG and Bank of America received blank checks, investment firm Lehman Brothers was allowed to go bankrupt with debts of over $613 billion. Clearly, even if you know your company got some Congressional cash, it doesn’t mean your job is secure.
If you are a banking intern, get a paying job to cover the bills and ride the tide of the economic tsunami until things settle down again. Although you may be constantly reassured that good interns get good jobs at the company you've interned for, don’t believe it. They're just trying to get as much unpaid work out of you as they can. They have no intention of paying you.
Jobs that are expected to ride out the economic recession include service jobs, jobs in the health care industry and freelancing.
Wednesday 17 December 2008
Wednesday 10 December 2008
Graduate Careers in the credit crunch
Like the winter weather, the employment landscape seems to be getting steadily bleaker. For students who face the prospect of job-hunting in Britain’s worst recession since the early Nineties, it is likely to mean tough choices.
A year ago, many would have left university to go into highly paid City careers, but the downturn has radically altered their choice of employment, according to a survey of 1,000 final-year undergraduates by TMP Worldwide, a recruitment communications agency and the Association of Graduate Recruiters (AGR) .
Working in the public sector has become much more appealing to graduates – the Civil Service has risen from eighth to fourth-most popular destination and teaching from seventh to sixth. Investment banking has fallen in popularity from second place to ninth (see graphic, right). Accountancy remains the most stable career choice and the finalists’ top choice, regardless of the credit crunch.
“At the moment, graduates are going for what they see as safer career options. It will be interesting to see whether the Civil Service and teaching professions have a problem retaining graduates in two or three years’ time,” Neil Harrison, the head of research and planning at TMP Worldwide, said.
The drop in graduates’ confidence has been rapid. When the AGR undertook the same survey in April, 55 per cent said that they were “very confident” of finding a job. Now only 10 per cent are very confident. Almost half say that they are not confident.
Undergraduates who might once have turned up at the university career service brandishing their degree certificate are being forced to be more proactive, Mr Harrison said. “People are getting their applications in earlier and spreading the net wider.” About 4 per cent admitted to embellishing their CVs in order to get a job, he said.
Two thirds said that they would accept a lower salary and be “much more flexible” on where they worked, while 47 per cent would put up with a poor work-life balance while they rode out the recession.
Yet most will not compromise on training, the survey found. Carl Gilleard, chief executive of the AGR, said: “It doesn’t matter what the state of the market is – graduates always want to work for jobs they will grow in. This generation puts enormous value on career development.”
Mr Gilleard predicted that 30 per cent of graduate recruiters would recruit fewer graduates this year. Starting salaries were unlikely to fall but fewer jobs could mean settling for less, he said. Some graduates plan to ride out the financial storm by going travelling or returning to study. However, Mr Gilleard said: “We are not sure that 2010 will be a better year. Employers won’t penalise you for taking time out if you can point to the skills and experiences that have made you a better prospect.”
Alexandra Harrison, 23, graduated with a 2.1 in English from Southampton University and is studying for a masters. She is applying for graduate schemes in marketing and retail management: “I probably wouldn’t have chosen to do a masters if I’d known what the market would be like. Hopefully, it will give me a bit of extra employability. There are jobs out there, but the competition will be harder.”
Laura Fletcher, 21, is in her final year of a child psychology degree at Oxford Brookes University. “I was originally planning to go straight into work in September, but I’ve decided to take time out to earn money and do a PA [personal assistant] course, which I hope will improve my prospects,” she said.
A year ago, many would have left university to go into highly paid City careers, but the downturn has radically altered their choice of employment, according to a survey of 1,000 final-year undergraduates by TMP Worldwide, a recruitment communications agency and the Association of Graduate Recruiters (AGR) .
Working in the public sector has become much more appealing to graduates – the Civil Service has risen from eighth to fourth-most popular destination and teaching from seventh to sixth. Investment banking has fallen in popularity from second place to ninth (see graphic, right). Accountancy remains the most stable career choice and the finalists’ top choice, regardless of the credit crunch.
“At the moment, graduates are going for what they see as safer career options. It will be interesting to see whether the Civil Service and teaching professions have a problem retaining graduates in two or three years’ time,” Neil Harrison, the head of research and planning at TMP Worldwide, said.
The drop in graduates’ confidence has been rapid. When the AGR undertook the same survey in April, 55 per cent said that they were “very confident” of finding a job. Now only 10 per cent are very confident. Almost half say that they are not confident.
Undergraduates who might once have turned up at the university career service brandishing their degree certificate are being forced to be more proactive, Mr Harrison said. “People are getting their applications in earlier and spreading the net wider.” About 4 per cent admitted to embellishing their CVs in order to get a job, he said.
Two thirds said that they would accept a lower salary and be “much more flexible” on where they worked, while 47 per cent would put up with a poor work-life balance while they rode out the recession.
Yet most will not compromise on training, the survey found. Carl Gilleard, chief executive of the AGR, said: “It doesn’t matter what the state of the market is – graduates always want to work for jobs they will grow in. This generation puts enormous value on career development.”
Mr Gilleard predicted that 30 per cent of graduate recruiters would recruit fewer graduates this year. Starting salaries were unlikely to fall but fewer jobs could mean settling for less, he said. Some graduates plan to ride out the financial storm by going travelling or returning to study. However, Mr Gilleard said: “We are not sure that 2010 will be a better year. Employers won’t penalise you for taking time out if you can point to the skills and experiences that have made you a better prospect.”
Alexandra Harrison, 23, graduated with a 2.1 in English from Southampton University and is studying for a masters. She is applying for graduate schemes in marketing and retail management: “I probably wouldn’t have chosen to do a masters if I’d known what the market would be like. Hopefully, it will give me a bit of extra employability. There are jobs out there, but the competition will be harder.”
Laura Fletcher, 21, is in her final year of a child psychology degree at Oxford Brookes University. “I was originally planning to go straight into work in September, but I’ve decided to take time out to earn money and do a PA [personal assistant] course, which I hope will improve my prospects,” she said.
Tuesday 9 December 2008
How To successfully change career
Be certain
1 “People will be suspicious that it is someone having a mid-life crisis ... who in two years' time will want to do something else,” Nick Parfitt, of Cubiks, an HR consultancy, says. Being able to show that you are changing career in a considered way - for example, by getting experience part-time before a permanent move - will help. So will a genuine, realistic and well-researched certainty that the move is right for you.
“Positive enthusiasm and passion will attract many buyers in interview,” Matthew Chester, a director at Digby Morgan, an HR consultancy, says.
Do the sums
2 “Start by looking at the very basic details of your financial situation,” Mr Parfitt says. Assess how much money you have, how long it will last and whether it can finance retraining. “If you are going to change career, you will have to accept that you are going to go down in salary,” Mike Warren, the director of Proteus, a career management consultancy, says.
Audit your skills
3 Make an exhaustive list of all that you are good at, look at new ways to use these skills and position yourself accordingly, Chris Griffin, chief executive of One Life Partnership, a coaching company, says. “The easiest changes are those where your strengths, values and passion line up.” Emphasise your experience and soft skills, such as commercial acumen and political nous. This will help you to compete with those who have more technical proficiency but less work experience.
Location, location, location
4 Identify the right environment. Consider responsibility levels, the degree of change and the speed at which the sector operates. Mr Warren says: “Many people do not take into account the working environment and whether their behavioural style will feel right.”
Talk to people
5 “Talk to a wide range of people, including people who do not know you,” Kate Donaghy, of Manchester Square Partners, which offers career advice to executives, says. People who know you will think of you in that context; a newcomer offers fresh eyes and a more creative approach. Professional advisers can help. Friends may be of little help. Mr Warren said: “They will always view the problem through their own personality spectacles.”
Get qualified
6 Murray Steele, a senior lecturer at the Cranfield School of Management, argues that younger managers can find a full-time MBA an efficient way to change careers while gaining new professional skills, but that most older executives will find them less useful. “There is still an age bias about hiring people,” Mr Steele says. Most recruiters focus on MBA graduates aged 35 and under. Very experienced managers in their fifties can find executive MBAs a useful way to kick-off a portfolio career incorporating a range of non-executive directorships and interim or consulting positions, according to Mr Steele.
Start your own business
7 Start your own business. This will allow greater control over what you do and how you do it, but it does also carry all the usual risks of entrepreneurship.
Be patient
8 It may take three years - and several steps - to make a big change. Ms Donaghy says: “Change isn't linear. There is a great deal more randomness in it than you would like. And you will seldom make change in one leap. You generally have to take small bites at different aspects of change.” Explore a range of alternatives, take what you like from each and merge those things to get a final complete picture. Be prepared for the result to be quite different from what you may expect and be realistic about the time it will take to climb a newly chosen ladder.
Wait for the good times
9 Wait for the economy to pick up. For long time, candidates have held the upper hand in the job market and employers have been relatively open to hiring career-changers, as long as they had reasonably transferable skills. “However, the current situation will flip that on its head,” Mr Parfitt says. “Employers usually only get deluged with CVs from graduates, but if this wave of redundancies continues there could be 25 applicants for the job of financial director, whereas before there could have been three or four.”
Think again
10 Often, people who think that they want to change profession are simply fed up with their jobs, Mr Warren says. Mr Steele says that changing employer can make a big difference, or moving to another area or abroad can also provide the buzz of newness.
Before they were famous
- Many celebrities began their careers as teachers, including Sting (better known then as Mr Sumner) and the Da Vinci Code author Dan Brown.
- The legal profession is also a popular first career: the political leaders Barack Obama and Tony Blair started in the law. Jennifer Lopez, actress and singer, also started life working in a law firm.
- And several famous people started out as doctors, including the comedian Harry Hill and Michael Crichton, the Jurassic Park screenwriter and producer
1 “People will be suspicious that it is someone having a mid-life crisis ... who in two years' time will want to do something else,” Nick Parfitt, of Cubiks, an HR consultancy, says. Being able to show that you are changing career in a considered way - for example, by getting experience part-time before a permanent move - will help. So will a genuine, realistic and well-researched certainty that the move is right for you.
“Positive enthusiasm and passion will attract many buyers in interview,” Matthew Chester, a director at Digby Morgan, an HR consultancy, says.
Do the sums
2 “Start by looking at the very basic details of your financial situation,” Mr Parfitt says. Assess how much money you have, how long it will last and whether it can finance retraining. “If you are going to change career, you will have to accept that you are going to go down in salary,” Mike Warren, the director of Proteus, a career management consultancy, says.
Audit your skills
3 Make an exhaustive list of all that you are good at, look at new ways to use these skills and position yourself accordingly, Chris Griffin, chief executive of One Life Partnership, a coaching company, says. “The easiest changes are those where your strengths, values and passion line up.” Emphasise your experience and soft skills, such as commercial acumen and political nous. This will help you to compete with those who have more technical proficiency but less work experience.
Location, location, location
4 Identify the right environment. Consider responsibility levels, the degree of change and the speed at which the sector operates. Mr Warren says: “Many people do not take into account the working environment and whether their behavioural style will feel right.”
Talk to people
5 “Talk to a wide range of people, including people who do not know you,” Kate Donaghy, of Manchester Square Partners, which offers career advice to executives, says. People who know you will think of you in that context; a newcomer offers fresh eyes and a more creative approach. Professional advisers can help. Friends may be of little help. Mr Warren said: “They will always view the problem through their own personality spectacles.”
Get qualified
6 Murray Steele, a senior lecturer at the Cranfield School of Management, argues that younger managers can find a full-time MBA an efficient way to change careers while gaining new professional skills, but that most older executives will find them less useful. “There is still an age bias about hiring people,” Mr Steele says. Most recruiters focus on MBA graduates aged 35 and under. Very experienced managers in their fifties can find executive MBAs a useful way to kick-off a portfolio career incorporating a range of non-executive directorships and interim or consulting positions, according to Mr Steele.
Start your own business
7 Start your own business. This will allow greater control over what you do and how you do it, but it does also carry all the usual risks of entrepreneurship.
Be patient
8 It may take three years - and several steps - to make a big change. Ms Donaghy says: “Change isn't linear. There is a great deal more randomness in it than you would like. And you will seldom make change in one leap. You generally have to take small bites at different aspects of change.” Explore a range of alternatives, take what you like from each and merge those things to get a final complete picture. Be prepared for the result to be quite different from what you may expect and be realistic about the time it will take to climb a newly chosen ladder.
Wait for the good times
9 Wait for the economy to pick up. For long time, candidates have held the upper hand in the job market and employers have been relatively open to hiring career-changers, as long as they had reasonably transferable skills. “However, the current situation will flip that on its head,” Mr Parfitt says. “Employers usually only get deluged with CVs from graduates, but if this wave of redundancies continues there could be 25 applicants for the job of financial director, whereas before there could have been three or four.”
Think again
10 Often, people who think that they want to change profession are simply fed up with their jobs, Mr Warren says. Mr Steele says that changing employer can make a big difference, or moving to another area or abroad can also provide the buzz of newness.
Before they were famous
- Many celebrities began their careers as teachers, including Sting (better known then as Mr Sumner) and the Da Vinci Code author Dan Brown.
- The legal profession is also a popular first career: the political leaders Barack Obama and Tony Blair started in the law. Jennifer Lopez, actress and singer, also started life working in a law firm.
- And several famous people started out as doctors, including the comedian Harry Hill and Michael Crichton, the Jurassic Park screenwriter and producer
The Healthy Work/Life Balance
Nine to Five may have been a hit for Dolly Parton, but, for most of us, it’s no longer true of working life. Longer hours and e-mail make it hard to switch off and balancing the demands on your time is a challenge, particularly if you have family commitments. But having a meaningful job doesn’t have to mean sacrificing your personal life. Weigh up what the experts have to say about finding that mythical equilibrium.
1. Join the revolution.
“Flexible working [is] on the rise,” says Stephen Overell, a researcher at the Work Foundation, a charity. “Employers will go to surprising lengths to accommodate you.” So if starting an hour later or working from home one day a week would improve things, ask for it. “Sell [the arrangement] to your employer as a business case,” says Steve Williams, head of equality at Acas, the employment relations service. Legally, managers are obliged to consider your request, although they don’t have to agree to it.
2. Manage your time.
Self-discipline is your saviour. “You might work 11 hours a day but if four are spent chatting or being interrupted it’s not productive,” says Peter Flade, a managing partner at Gallup, a consultancy. He also advises setting aside sacrosanct time outside the office where work is not allowed to interfere.
3. Say “no” positively.
“If you take on too much, [then] you can’t deliver on it well, it eats away at you and you let people down,” Flade says. “Saying ‘no’ is better for your clients, colleagues, and family.” Overell agrees. “Everyone has the urge to please, especially younger workers. But you get more respect by saying ‘no’ than saying ‘yes’.”
4. Focus on outcomes.
Measure your performance by what you achieve – don’t stay late for the sake of it. “It could be that you can do [your work] in 35 hours and your colleague takes 50, ” says Flade. “It’s the quality of the work that counts.” Overell: “Graduates are often pushed very hard and it’s intoxicating to be in that elite group. But retain a sense of perspective.”
5. Sharpen your skills.
“Take advantage of every training opportunity – you’ll improve your skills and find ways to become more efficient,” Williams says.
6. Look after yourself.
Sleep and diet are often the first casualties when work becomes too much. “Consistently working long hours is not good for you,” Overell says. “Stress can lead to mental health problems and heart disease.”
7. Take time out.
“Some people go to the gym at lunchtime, others go out for a walk,” Williams says. “A break will make you more productive and prevent that 3 o’clock output slump.”
8. Don’t neglect your friends.
Working relationships can lead to lasting friendships, but more often than not they fade when people move on. “It’s very easy to let workmates become proxy for friends and family,” Overell says. “But it’s a superficial network and needs to be checked.”
9. Talk to someone.
If you’re feeling stressed, say something early, Williams advises. “Don’t wait until you’re cracking up and your work is hopelessly behind.” Usually your line manager is the best person to approach, he says.
10. Work is not the enemy.
“Work can be a huge source of wellbeing,” says Flade, who puts in 60-hour weeks but refuses to own a BlackBerry and never works at weekends. “There’s a huge difference between being busy and being stressed,” Williams says.
1. Join the revolution.
“Flexible working [is] on the rise,” says Stephen Overell, a researcher at the Work Foundation, a charity. “Employers will go to surprising lengths to accommodate you.” So if starting an hour later or working from home one day a week would improve things, ask for it. “Sell [the arrangement] to your employer as a business case,” says Steve Williams, head of equality at Acas, the employment relations service. Legally, managers are obliged to consider your request, although they don’t have to agree to it.
2. Manage your time.
Self-discipline is your saviour. “You might work 11 hours a day but if four are spent chatting or being interrupted it’s not productive,” says Peter Flade, a managing partner at Gallup, a consultancy. He also advises setting aside sacrosanct time outside the office where work is not allowed to interfere.
3. Say “no” positively.
“If you take on too much, [then] you can’t deliver on it well, it eats away at you and you let people down,” Flade says. “Saying ‘no’ is better for your clients, colleagues, and family.” Overell agrees. “Everyone has the urge to please, especially younger workers. But you get more respect by saying ‘no’ than saying ‘yes’.”
4. Focus on outcomes.
Measure your performance by what you achieve – don’t stay late for the sake of it. “It could be that you can do [your work] in 35 hours and your colleague takes 50, ” says Flade. “It’s the quality of the work that counts.” Overell: “Graduates are often pushed very hard and it’s intoxicating to be in that elite group. But retain a sense of perspective.”
5. Sharpen your skills.
“Take advantage of every training opportunity – you’ll improve your skills and find ways to become more efficient,” Williams says.
6. Look after yourself.
Sleep and diet are often the first casualties when work becomes too much. “Consistently working long hours is not good for you,” Overell says. “Stress can lead to mental health problems and heart disease.”
7. Take time out.
“Some people go to the gym at lunchtime, others go out for a walk,” Williams says. “A break will make you more productive and prevent that 3 o’clock output slump.”
8. Don’t neglect your friends.
Working relationships can lead to lasting friendships, but more often than not they fade when people move on. “It’s very easy to let workmates become proxy for friends and family,” Overell says. “But it’s a superficial network and needs to be checked.”
9. Talk to someone.
If you’re feeling stressed, say something early, Williams advises. “Don’t wait until you’re cracking up and your work is hopelessly behind.” Usually your line manager is the best person to approach, he says.
10. Work is not the enemy.
“Work can be a huge source of wellbeing,” says Flade, who puts in 60-hour weeks but refuses to own a BlackBerry and never works at weekends. “There’s a huge difference between being busy and being stressed,” Williams says.
How To Get Promotion
Earning a promotion is a complex affair. Matters such as pay and benefits begin to look easy compared with manoeuvring your way up (or sideways) through the ranks. Look around you before you jump at a new opportunity – a new job title could be the least important of many considerations, according to our experts.
1. Put yourself out.
There’s more to a job than a 12-line description, Simon Copeman, the acquisition and alliance manager at 3M UK and Ireland, says. “I’m looking [to promote] someone who does a pretty good job... but also someone who comes up with solutions. Someone who has taken the initiative within their current role [and] has managed new experiences outside the strict job description.”
2. Own up to itchy feet.
Few people are honest about their aspirations when they speak to their manager, says Julie Bowen, the head of organisational development at Adecco, a recruitment company. “At formal appraisals, people should be honest and not say what they think their boss wants to hear. They have to have the courage to say, ‘look, I love this job but’.”
3. Ask for help.
With luck, your manager should have noticed that you are ready to take on extra responsibility, Copeman says. Take his or her advice on what role you are ready for and when you are ready for it.
4. Think twice.
It’s important to know what motivates you before you move. “Be cautious,” Bowen says. “Yes, it’s a step up but is it at the loss of everything else?” Could you find yourself better paid, but uninspired by your new colleagues or working longer hours when time at home is more important to you, for example?
5. Consider all the options.
The smart move is not always up, says Helena Clayton, the director of open programmes at Roffey Park, an executive education college. “Employability is about the range of skills that you have,” she says. “Taking a role that gives you those skills may not necessarily mean a promotion. Some of the most challenging roles might be sideways.”
6. Put yourself about a bit.
If you’re looking for a more challenging role it’s important to raise your profile, Clayton says. “Volunteer for cross-cutting projects and jobs... where you can make your mark. Put yourself in front of senior people and find yourself a senior-level mentor.”
7. Know the known knowns.
There’s no excuse for a lack of research when you’re pitching for a more senior role. Make sure you have a copy of the job description and the low-down on the skills required so that you can talk about the ways in which you shape up, Bowen says.
8. Play nicely.
“What you have achieved is important but how you achieved it is equally so. How you treat people – your management style or the quality of your interpersonal relationships – carries more weight when you go for promotion because ultimately you can achieve results only through other people,” Clayton says.
9. Be flexible.
“You might have a pretty clear idea of where you want go but that might not be possible. If you are flexible about your next move, the chances of being promoted are that much higher,” Copeman says.
10. Don’t burn your bridges.
Always leave on friendly terms – you might find yourself working for the same manager again.
Find out more
Put your best foot forward with How To Get The Perfect Promotion: A Practical Guide to Improving Your Career Prospects, by John Lees (McGraw-Hill Professional, £12.99)
1. Put yourself out.
There’s more to a job than a 12-line description, Simon Copeman, the acquisition and alliance manager at 3M UK and Ireland, says. “I’m looking [to promote] someone who does a pretty good job... but also someone who comes up with solutions. Someone who has taken the initiative within their current role [and] has managed new experiences outside the strict job description.”
2. Own up to itchy feet.
Few people are honest about their aspirations when they speak to their manager, says Julie Bowen, the head of organisational development at Adecco, a recruitment company. “At formal appraisals, people should be honest and not say what they think their boss wants to hear. They have to have the courage to say, ‘look, I love this job but’.”
3. Ask for help.
With luck, your manager should have noticed that you are ready to take on extra responsibility, Copeman says. Take his or her advice on what role you are ready for and when you are ready for it.
4. Think twice.
It’s important to know what motivates you before you move. “Be cautious,” Bowen says. “Yes, it’s a step up but is it at the loss of everything else?” Could you find yourself better paid, but uninspired by your new colleagues or working longer hours when time at home is more important to you, for example?
5. Consider all the options.
The smart move is not always up, says Helena Clayton, the director of open programmes at Roffey Park, an executive education college. “Employability is about the range of skills that you have,” she says. “Taking a role that gives you those skills may not necessarily mean a promotion. Some of the most challenging roles might be sideways.”
6. Put yourself about a bit.
If you’re looking for a more challenging role it’s important to raise your profile, Clayton says. “Volunteer for cross-cutting projects and jobs... where you can make your mark. Put yourself in front of senior people and find yourself a senior-level mentor.”
7. Know the known knowns.
There’s no excuse for a lack of research when you’re pitching for a more senior role. Make sure you have a copy of the job description and the low-down on the skills required so that you can talk about the ways in which you shape up, Bowen says.
8. Play nicely.
“What you have achieved is important but how you achieved it is equally so. How you treat people – your management style or the quality of your interpersonal relationships – carries more weight when you go for promotion because ultimately you can achieve results only through other people,” Clayton says.
9. Be flexible.
“You might have a pretty clear idea of where you want go but that might not be possible. If you are flexible about your next move, the chances of being promoted are that much higher,” Copeman says.
10. Don’t burn your bridges.
Always leave on friendly terms – you might find yourself working for the same manager again.
Find out more
Put your best foot forward with How To Get The Perfect Promotion: A Practical Guide to Improving Your Career Prospects, by John Lees (McGraw-Hill Professional, £12.99)
Riding through the Recession in Banking
An economic slowdown doesn’t necessarily mean mass redundancies, but it can certainly make it harder to keep moving up the career ladder. Graduates might find it harder to get the exact job that they want while experienced managers will need to think carefully about how to avoid getting stuck in one position for too long.
1. Don’t panic. “The best data we have at the moment is that we are not going to go into a full-blown recession,” says Russell Hobby, an associate director at Hay Group, an HR consultancy. “Growth will slow for about 18 months but it will then recover.”
2. Assess your sector. On average, employers are looking to cut about 1 per cent of their work-force, but this varies considerably by industry. Something like a third of all job losses are likely to be in banking and finance, Hobby says. Other potentially shaky sectors include retail and construction; the public sector, particularly local government, is also tightening its budget and is no longer the safe haven that it once was.
3. Graduates will stay in demand. Some firms cut their graduate recruitment programmes during the last economic downturn but found that this left them short of trained staff when it got moving. They’re not likely to make this mistake again. Some get around this by signing graduates up now but inviting them to defer for 12 months. For example, UBS’s 2008 recruits can choose to spend a year doing voluntary work with the bank’s financial support.
4. Study. With things expected to pick up again in 18 months, it’s worth looking at doing a masters degree in the meantime, Hobby says. Students and new graduates might find that further study is a good way to wait out a slow patch without getting stuck with a period of unemployment on their CVs; people who are already established in their careers, however, need to be sure that the higher degree will add enough value to justify taking time off the ladder.
5. Don’t be dogmatic. Graduates should be more open-minded about their options, Hobby says. For example, if you want to work in finance, you could take a position in industry for the moment and move across when things brighten up. Flexibility will also benefit people already in work, particularly if belt tightening means that where or how they work changes.
6. Reconsider quitting. The idea of jumping ship can be tempting – particularly if you’re desperate for promotion – but it might not be a good idea, says Nick Parfitt, a consultant at Cubiks, an HR consultancy. “For a start, if you quit you lose redundancy protection.” You may move and find that, regardless of how well you do your job, you are cheap to get rid of and therefore vulnerable if redundancies hit.
7. Keep on moving. Stagnating in your present role is not a good idea. Recruiters may peg you as lacking in drive or ambition if you stay in one position for too long. “It’s very important to keep up momentum,” says Max Williamson, a director of careersinaudit.com. “In an economic slowdown that promotion might not come. If you cannot see the next step in the UK, you can look overseas and leapfrog it.” Hobby says: “China, the Middle East and India are growing fast [although] we expect that to slow in a few years.” Go overseas for a time and move back when growth picks up.
8. Internal progress is better than nothing. If an international move is out of the question, look for training or promotion opportunities with your current employer, Parfitt says.
9. Think about your profession. Engineers are in a good position, says Chris Cole, the managing director of Darwin Park, a recruitment consultancy. “Demand is up 19 per cent this year and is set to outstrip supply by 23 per cent by 2010,” he says. Across other professions, companies are continuing to hire people for sales, marketing and customer-facing roles while those in back-office jobs – HR, finance, IT and so on – are more likely to feel the crunch, Hobby says.
10. Don’t demand a pay rise. “If your company is laying people off left right and centre and you walk in and try to negotiate a 20 per cent increase, you will really get up your boss’s nose,” Parfitt says. If you can prove that you’ve added value, consider asking for an increase in the performance-related aspect of your pay – this is easier to justify than a rise in base salary.
Taken from the Times
1. Don’t panic. “The best data we have at the moment is that we are not going to go into a full-blown recession,” says Russell Hobby, an associate director at Hay Group, an HR consultancy. “Growth will slow for about 18 months but it will then recover.”
2. Assess your sector. On average, employers are looking to cut about 1 per cent of their work-force, but this varies considerably by industry. Something like a third of all job losses are likely to be in banking and finance, Hobby says. Other potentially shaky sectors include retail and construction; the public sector, particularly local government, is also tightening its budget and is no longer the safe haven that it once was.
3. Graduates will stay in demand. Some firms cut their graduate recruitment programmes during the last economic downturn but found that this left them short of trained staff when it got moving. They’re not likely to make this mistake again. Some get around this by signing graduates up now but inviting them to defer for 12 months. For example, UBS’s 2008 recruits can choose to spend a year doing voluntary work with the bank’s financial support.
4. Study. With things expected to pick up again in 18 months, it’s worth looking at doing a masters degree in the meantime, Hobby says. Students and new graduates might find that further study is a good way to wait out a slow patch without getting stuck with a period of unemployment on their CVs; people who are already established in their careers, however, need to be sure that the higher degree will add enough value to justify taking time off the ladder.
5. Don’t be dogmatic. Graduates should be more open-minded about their options, Hobby says. For example, if you want to work in finance, you could take a position in industry for the moment and move across when things brighten up. Flexibility will also benefit people already in work, particularly if belt tightening means that where or how they work changes.
6. Reconsider quitting. The idea of jumping ship can be tempting – particularly if you’re desperate for promotion – but it might not be a good idea, says Nick Parfitt, a consultant at Cubiks, an HR consultancy. “For a start, if you quit you lose redundancy protection.” You may move and find that, regardless of how well you do your job, you are cheap to get rid of and therefore vulnerable if redundancies hit.
7. Keep on moving. Stagnating in your present role is not a good idea. Recruiters may peg you as lacking in drive or ambition if you stay in one position for too long. “It’s very important to keep up momentum,” says Max Williamson, a director of careersinaudit.com. “In an economic slowdown that promotion might not come. If you cannot see the next step in the UK, you can look overseas and leapfrog it.” Hobby says: “China, the Middle East and India are growing fast [although] we expect that to slow in a few years.” Go overseas for a time and move back when growth picks up.
8. Internal progress is better than nothing. If an international move is out of the question, look for training or promotion opportunities with your current employer, Parfitt says.
9. Think about your profession. Engineers are in a good position, says Chris Cole, the managing director of Darwin Park, a recruitment consultancy. “Demand is up 19 per cent this year and is set to outstrip supply by 23 per cent by 2010,” he says. Across other professions, companies are continuing to hire people for sales, marketing and customer-facing roles while those in back-office jobs – HR, finance, IT and so on – are more likely to feel the crunch, Hobby says.
10. Don’t demand a pay rise. “If your company is laying people off left right and centre and you walk in and try to negotiate a 20 per cent increase, you will really get up your boss’s nose,” Parfitt says. If you can prove that you’ve added value, consider asking for an increase in the performance-related aspect of your pay – this is easier to justify than a rise in base salary.
Taken from the Times
Wednesday 5 November 2008
Banking Jobs in the credit crunch
Jobs in Banking are Being Impacted by the Credit Crunch
Jobs in the banking industry are being impacted in a negative way by the Credit Crunch. The Credit Crunch is making it harder for people to get loans. People are having a harder time getting loans for homes, cars, and to start new businesses. Another less thought of problem is how hard it's going to be for students to get student loans. For several people who already hold mortgages, they are losing their homes because they can't afford their mortgages. The banking industry is being hit hard. It's not just a United States banking problem. It's a worldwide banking problem. The whole planet is concerned with what's going to happen to the banking industry.
The Royal Bank of Scotland has had to cut at least two hundred jobs in their debt and investment banking departments. Bank of America has had to cut a huge amount of it's workers. Nearly three thousand Bank of America employees are now out of work. The list of banks cutting employees can go on and on.
With so many people being weary of traditional banks they are turning to alternative sources for their banking needs. One source they are turning to in rapid numbers is to the Credit Union. People are feeling safer going to Credit Unions over their regular banks. Some customers feel the Credit Union structure is better after seeing what has happened to traditional banks this past year.
With so many people not being able to make their mortgage payments, banks are holding on to a lot of bad debt. There are banks that are haveing to resort to selling themselves to banks that are willing to take on their bad debt.
Harder qualification rules are making it almost impossible for people starting out to get a home loan. It doesn't seem like there is much help available anymore with the credit freezing up.
Car sales are so bad that Burd Ford in Indiana had a buy 1 Ford F 150 get one Ford F 150 free. Some car lots are having to shut down.
To-be college bound students and their families are wondering if they're going to be able to get a loan for their education.
With less loans being available, it's inevitable that banking jobs are being hit hard. Hopefully with the bailout plan there will be a silver lining. Hopefully it won't be much longer for the credit to thaw out a little and trickle down so that money will get to flowing once again. Maybe when the credit gets flowing again some of the people who have lost their jobs will be able to get them back. But until then, several banking and bank related jobs are in danger. Especially those in the debt and investment departments.
Jobs in the banking industry are being impacted in a negative way by the Credit Crunch. The Credit Crunch is making it harder for people to get loans. People are having a harder time getting loans for homes, cars, and to start new businesses. Another less thought of problem is how hard it's going to be for students to get student loans. For several people who already hold mortgages, they are losing their homes because they can't afford their mortgages. The banking industry is being hit hard. It's not just a United States banking problem. It's a worldwide banking problem. The whole planet is concerned with what's going to happen to the banking industry.
The Royal Bank of Scotland has had to cut at least two hundred jobs in their debt and investment banking departments. Bank of America has had to cut a huge amount of it's workers. Nearly three thousand Bank of America employees are now out of work. The list of banks cutting employees can go on and on.
With so many people being weary of traditional banks they are turning to alternative sources for their banking needs. One source they are turning to in rapid numbers is to the Credit Union. People are feeling safer going to Credit Unions over their regular banks. Some customers feel the Credit Union structure is better after seeing what has happened to traditional banks this past year.
With so many people not being able to make their mortgage payments, banks are holding on to a lot of bad debt. There are banks that are haveing to resort to selling themselves to banks that are willing to take on their bad debt.
Harder qualification rules are making it almost impossible for people starting out to get a home loan. It doesn't seem like there is much help available anymore with the credit freezing up.
Car sales are so bad that Burd Ford in Indiana had a buy 1 Ford F 150 get one Ford F 150 free. Some car lots are having to shut down.
To-be college bound students and their families are wondering if they're going to be able to get a loan for their education.
With less loans being available, it's inevitable that banking jobs are being hit hard. Hopefully with the bailout plan there will be a silver lining. Hopefully it won't be much longer for the credit to thaw out a little and trickle down so that money will get to flowing once again. Maybe when the credit gets flowing again some of the people who have lost their jobs will be able to get them back. But until then, several banking and bank related jobs are in danger. Especially those in the debt and investment departments.
Tuesday 4 November 2008
Where to find a great banking job
Where to Find a Great New Banking Job
If you've always had dreams of finding a great new banking job, don't give up. Although the media claims that the economic climate is declining and that banks are conducting massive layoffs, not every bank is experiencing these troubled times. In fact, some banks are even thriving and growing. Therefore, you must not give up your goal of finding a great banking job. Instead, you must steer forward and never give up on your dreams. In this brief article, we will tell how where to find a great new banking job that is perfect for your educational background and experience. Sound interesting? You bet it is. Let's get started right away and help you secure your new banking career.
1. First of all, figure out what type of banking job you will pursue. This can be done by visiting occupational sites and talking to professionals in the field. In fact, it is strongly recommended that you conduct an informational interview with someone that is working in the career that you hope to pursue. For instance, let's say that you would like to work as a bank teller. Well, to find out what a day is really like as a bank teller, you'll need to talk to someone who actually works in the field. Therefore, you should contact your local bank HR department and tell them that you would like to conduct an informational interview with someone in the career choice you are interested in (in this case a bank teller). Then, you would take them out to lunch or interview them about their career choice. Some questions that you would like to ask are as follows:
-How long have you been working at this bank?
-What is your educational background?
-Have you ever had any previous positions at this bank?
-What do you like most about this position?
-What do you like least about this position?
-If you had a choice, would you choose this career again? If so, why? If not, why?
-What is your work background?
-Do you have any advice for someone wanting to enter this profession?
-What are your long and short term plans?
2. After you conduct your information interview, you should put together a comprehensive list of all the banks that you would like to work for. These can be local and national banks (if you are willing to relocate). Either way, make a list and create a spreadsheet of all the companies that you may be interested in working for. You will then use this spreadsheet in order to devise a "contact employment plan". During this phase of the contact employment plan, you will contact each bank's HR department and ask if they're hiring. If they are, you should send them a professionally crafted resume right away. If they aren't, you should still try and send them a resume that they will keep on file when eligible positions become available. Either way, don't take "no" for an answer. Instead, try and get the HR Department to at least take a look at your resume. After a few days have passed, follow up with a phone call to make sure they received the package. If they didn't, make sure that you resned it to the appropriate person.
3. Third, you should conduct online and offline job searches for eligible positions. In this phase, you may have forgotten a few banks. Here you will actually be contacting banks that have an open position. Now, when you apply for these, cross reference the application (with your previous list) to make sure that you didn't already send them a resume. If you already sent your resume, cross them off your list. If you didn't add them and send them a professionally crafted resume and cover letter. After you send the resume, make sure that you follow up in a few days to make sure that they received it.
4. Network with banking professionals and people in the financial industry. This can be done by going to conventions, seminars and other types of gatherings where you can network. During this networking session, you must make contacts and not really push anyone to give you a job. The only exception is a job fair. At a job fair, the gloves go off and you are free to actively seek a great new banking job.
5. Don’t' get discouraged. Just remember that finding your perfect career opportunity will take time. You are likely to receive several rejections before you find that perfect opportunity. However if you stick with it, you will find the perfect position for you. Just don't give up and enjoy the process by making yourself stand out and being the best that you possibly can be.
6. Consider working at a lower positioned position in order to prove yourself and get your foot in the door. Then, once you get your foot in the door, you can easily apply for another higher paying position that would better utilize your skills.
In conclusion, there are many way to find a great new banking job. Simply follow the above mentioned tips and you will find the perfect job in banking. Good luck - you can do it!
If you've always had dreams of finding a great new banking job, don't give up. Although the media claims that the economic climate is declining and that banks are conducting massive layoffs, not every bank is experiencing these troubled times. In fact, some banks are even thriving and growing. Therefore, you must not give up your goal of finding a great banking job. Instead, you must steer forward and never give up on your dreams. In this brief article, we will tell how where to find a great new banking job that is perfect for your educational background and experience. Sound interesting? You bet it is. Let's get started right away and help you secure your new banking career.
1. First of all, figure out what type of banking job you will pursue. This can be done by visiting occupational sites and talking to professionals in the field. In fact, it is strongly recommended that you conduct an informational interview with someone that is working in the career that you hope to pursue. For instance, let's say that you would like to work as a bank teller. Well, to find out what a day is really like as a bank teller, you'll need to talk to someone who actually works in the field. Therefore, you should contact your local bank HR department and tell them that you would like to conduct an informational interview with someone in the career choice you are interested in (in this case a bank teller). Then, you would take them out to lunch or interview them about their career choice. Some questions that you would like to ask are as follows:
-How long have you been working at this bank?
-What is your educational background?
-Have you ever had any previous positions at this bank?
-What do you like most about this position?
-What do you like least about this position?
-If you had a choice, would you choose this career again? If so, why? If not, why?
-What is your work background?
-Do you have any advice for someone wanting to enter this profession?
-What are your long and short term plans?
2. After you conduct your information interview, you should put together a comprehensive list of all the banks that you would like to work for. These can be local and national banks (if you are willing to relocate). Either way, make a list and create a spreadsheet of all the companies that you may be interested in working for. You will then use this spreadsheet in order to devise a "contact employment plan". During this phase of the contact employment plan, you will contact each bank's HR department and ask if they're hiring. If they are, you should send them a professionally crafted resume right away. If they aren't, you should still try and send them a resume that they will keep on file when eligible positions become available. Either way, don't take "no" for an answer. Instead, try and get the HR Department to at least take a look at your resume. After a few days have passed, follow up with a phone call to make sure they received the package. If they didn't, make sure that you resned it to the appropriate person.
3. Third, you should conduct online and offline job searches for eligible positions. In this phase, you may have forgotten a few banks. Here you will actually be contacting banks that have an open position. Now, when you apply for these, cross reference the application (with your previous list) to make sure that you didn't already send them a resume. If you already sent your resume, cross them off your list. If you didn't add them and send them a professionally crafted resume and cover letter. After you send the resume, make sure that you follow up in a few days to make sure that they received it.
4. Network with banking professionals and people in the financial industry. This can be done by going to conventions, seminars and other types of gatherings where you can network. During this networking session, you must make contacts and not really push anyone to give you a job. The only exception is a job fair. At a job fair, the gloves go off and you are free to actively seek a great new banking job.
5. Don’t' get discouraged. Just remember that finding your perfect career opportunity will take time. You are likely to receive several rejections before you find that perfect opportunity. However if you stick with it, you will find the perfect position for you. Just don't give up and enjoy the process by making yourself stand out and being the best that you possibly can be.
6. Consider working at a lower positioned position in order to prove yourself and get your foot in the door. Then, once you get your foot in the door, you can easily apply for another higher paying position that would better utilize your skills.
In conclusion, there are many way to find a great new banking job. Simply follow the above mentioned tips and you will find the perfect job in banking. Good luck - you can do it!
Thursday 23 October 2008
Jobs In Banking
This article is an introduction to recruitment for UK banking jobs. Getting a job in banking can be a drawn out process as recruitment cycles often take up to 6 months and the top banks may look at hundreds of candidates for a single post and go through 2 or more interviewing stages often in addition to a competency assessment. If you already work in banking or the finance sector you may be familiar with the recruitment process and if you're looking for a change of career within banking this article will discuss briefly the best approach to successfully finding a new job.
Agency or direct
At the start of your journey to find a perfect banking job you will usually be faced with 2 routes (although you can take both simultaneously). Whether you should use a recruitment agency to source suitable opportunities for you or go direct to financial institutions with your applications.
Using an agency
Agencies are widely used in financial recruitment particularly for skilled banking jobs as the recruitment process is a labour intensive one often comprising of weeks of processing under qualified or inappropriate candidates before arriving at a list of high quality potential employees. The banking sector more than most appreciate the added value of dealing with an agency for some or all of their recruitment rather than managing their own extensive human resources based recruitment programme.
Recruitment agency consultants are driven to match the best candidates to the clients banking jobs, usually more so than the person to whom responsibility falls within the client institution- often the HR department or busy heads of department who may not have the required time to properly process high volumes of applications.
For the candidate, using a recruitment agency can also offer some distinct advantages over applying directly to individual companies in response to banking job vacancy advertisements. An agency will be working closely with the banks with a range of vacancies both current and upcoming available. If an advertised vacancy does not prove to be suitable your recruitment consultant will often be able to recommend an alternative position to apply for.
If you have the skills and experience that an agency is looking for they will actively seek out new opportunities for you as they become available, this can take much of the time consuming work out of applying for a new job in banking as agencies will only put candidates forward for positions they feel they are well suited for and capable of obtaining. Agencies can also deal with the initial contacting of the financial institutions and get interviews arranged on your behalf.
Going direct
Many applicants prefer to go direct to recruiters rather than going through a specialist recruitment agency as this allows them to make direct contact with the companies they are applying for and pick their applications based on job vacancies posted by the banking institutions.
The easiest way to find job vacancies if you want to apply straight to a recruiter are to search job listings on online job boards, newspapers and corporate websites. The downside of applying for jobs this way is the time it can take to find appropriate advertisements, approach the recruiter, submit applications and arrange interviews often based on limited information about the position you are applying for.
Choosing an agency
If you choose to use an agency to find you a new job in banking it is important to approach an agency who understand the unique and often specialist nature of the banking industry and have direct relationships with the banks themselves. Banks will often not deal with recruitment agencies whom they do not have a working relationship with due to their HR procedures. So make sure the agency representing you are talking to the banks or financial institutions directly and are on their preferred suppliers lists.
The main advantage of an agency is having an agent working on your behalf so make sure you get on with your agent and you feel comfortable with them representing you in front of potential employers- if an agent expects you to lie about your skills or experience on a CV its unlikely they're working for your best interests.
Writing a CV
The CV is a critical part of successfully applying for banking jobs as its all an employer has to go on when deciding whether or not to invite you to interview. As the people up against you for banking jobs are going to have often very similar skills and experience due to the nature of the industry your CV has to not only be watertight in terms of the information it gets across but also make you stand out from a crowd of other financial experts. Banking is still a formal institution and you resume should reflect this, but some creativity will help to show your character and the effort you've put into your application- think about ways of presenting your CV with a unique personal touch, if you're photogenic a picture of yourself is often a good start (don't forget to smile!).
Again a recruitment agent should be able to help you get your CV up to a standard where they are confident it will be acceptable by the banks and financial institutions whom will be recruiting. There are lots of template CV's and CV writing advice available online by searching for 'banking job CV'.
The interview
Interview skills are a subject in their own right and beyond the scope of this article. There's a lot of things to remember you should and shouldn't be doing in an interview but most of these are common sense things about the way you want to present yourself. The best advice ultimately is make sure you do yourself justice, listen to the interviewers and think about the sort of things they want to hear from you. They want to find out about your personality and character as much as anything else so show you are a person they'd like to work with.
Again a Google search for 'interview tips' will give you plenty of helpful advice and a recruitment agent will also help to prep you before setting you up with interviews.
Agency or direct
At the start of your journey to find a perfect banking job you will usually be faced with 2 routes (although you can take both simultaneously). Whether you should use a recruitment agency to source suitable opportunities for you or go direct to financial institutions with your applications.
Using an agency
Agencies are widely used in financial recruitment particularly for skilled banking jobs as the recruitment process is a labour intensive one often comprising of weeks of processing under qualified or inappropriate candidates before arriving at a list of high quality potential employees. The banking sector more than most appreciate the added value of dealing with an agency for some or all of their recruitment rather than managing their own extensive human resources based recruitment programme.
Recruitment agency consultants are driven to match the best candidates to the clients banking jobs, usually more so than the person to whom responsibility falls within the client institution- often the HR department or busy heads of department who may not have the required time to properly process high volumes of applications.
For the candidate, using a recruitment agency can also offer some distinct advantages over applying directly to individual companies in response to banking job vacancy advertisements. An agency will be working closely with the banks with a range of vacancies both current and upcoming available. If an advertised vacancy does not prove to be suitable your recruitment consultant will often be able to recommend an alternative position to apply for.
If you have the skills and experience that an agency is looking for they will actively seek out new opportunities for you as they become available, this can take much of the time consuming work out of applying for a new job in banking as agencies will only put candidates forward for positions they feel they are well suited for and capable of obtaining. Agencies can also deal with the initial contacting of the financial institutions and get interviews arranged on your behalf.
Going direct
Many applicants prefer to go direct to recruiters rather than going through a specialist recruitment agency as this allows them to make direct contact with the companies they are applying for and pick their applications based on job vacancies posted by the banking institutions.
The easiest way to find job vacancies if you want to apply straight to a recruiter are to search job listings on online job boards, newspapers and corporate websites. The downside of applying for jobs this way is the time it can take to find appropriate advertisements, approach the recruiter, submit applications and arrange interviews often based on limited information about the position you are applying for.
Choosing an agency
If you choose to use an agency to find you a new job in banking it is important to approach an agency who understand the unique and often specialist nature of the banking industry and have direct relationships with the banks themselves. Banks will often not deal with recruitment agencies whom they do not have a working relationship with due to their HR procedures. So make sure the agency representing you are talking to the banks or financial institutions directly and are on their preferred suppliers lists.
The main advantage of an agency is having an agent working on your behalf so make sure you get on with your agent and you feel comfortable with them representing you in front of potential employers- if an agent expects you to lie about your skills or experience on a CV its unlikely they're working for your best interests.
Writing a CV
The CV is a critical part of successfully applying for banking jobs as its all an employer has to go on when deciding whether or not to invite you to interview. As the people up against you for banking jobs are going to have often very similar skills and experience due to the nature of the industry your CV has to not only be watertight in terms of the information it gets across but also make you stand out from a crowd of other financial experts. Banking is still a formal institution and you resume should reflect this, but some creativity will help to show your character and the effort you've put into your application- think about ways of presenting your CV with a unique personal touch, if you're photogenic a picture of yourself is often a good start (don't forget to smile!).
Again a recruitment agent should be able to help you get your CV up to a standard where they are confident it will be acceptable by the banks and financial institutions whom will be recruiting. There are lots of template CV's and CV writing advice available online by searching for 'banking job CV'.
The interview
Interview skills are a subject in their own right and beyond the scope of this article. There's a lot of things to remember you should and shouldn't be doing in an interview but most of these are common sense things about the way you want to present yourself. The best advice ultimately is make sure you do yourself justice, listen to the interviewers and think about the sort of things they want to hear from you. They want to find out about your personality and character as much as anything else so show you are a person they'd like to work with.
Again a Google search for 'interview tips' will give you plenty of helpful advice and a recruitment agent will also help to prep you before setting you up with interviews.
Tuesday 21 October 2008
Banking Jobs
Significant Points Of Banking Jobs
Banking employment is projected to grow more slowly than average as consolidation and automation make banks more efficient.
Office and administrative support workers constitute nearly 7 out of 10 jobs; tellers account for more than1 out of 4 jobs.
Employment of tellers will increase more slowly than average, but job openings should be plentiful because the occupation is large and many tellers leave their jobs every year and must be replaced.
Employment growth is expected in management and professional jobs, as well as for customer service representatives and securities and financial services sales representatives.
Nature Of The Industry
Banks safeguard money and valuables and provide loans, credit, and payment services, such as checking accounts, money orders, and cashier's checks. With the passage of the Financial Modernization Act in 1999, banks also may offer investment and insurance products, which they were once prohibited from selling. As a variety of models for cooperation and integration between the financial services industries have emerged, some of the traditional distinctions between banks, insurance companies, and securities firms have diminished. In spite of these changes, banks continue to maintain and perform their primary role in the financial system—accepting deposits and lending funds from these deposits
Banking employment is projected to grow more slowly than average as consolidation and automation make banks more efficient.
Office and administrative support workers constitute nearly 7 out of 10 jobs; tellers account for more than1 out of 4 jobs.
Employment of tellers will increase more slowly than average, but job openings should be plentiful because the occupation is large and many tellers leave their jobs every year and must be replaced.
Employment growth is expected in management and professional jobs, as well as for customer service representatives and securities and financial services sales representatives.
Nature Of The Industry
Banks safeguard money and valuables and provide loans, credit, and payment services, such as checking accounts, money orders, and cashier's checks. With the passage of the Financial Modernization Act in 1999, banks also may offer investment and insurance products, which they were once prohibited from selling. As a variety of models for cooperation and integration between the financial services industries have emerged, some of the traditional distinctions between banks, insurance companies, and securities firms have diminished. In spite of these changes, banks continue to maintain and perform their primary role in the financial system—accepting deposits and lending funds from these deposits
HSBC Banking Job cuts
Banking giant HSBC is to axe 1,100 jobs worldwide, blaming the current financial turmoil for the decision.
About half of the cuts, which will affect back room jobs at its global banking and markets operation, will take place in the UK.
HSBC employs about 335,000 people around the world.
Last month, HSBC said half year profits fell 28% to $10.2bn (£5.2bn), as it was forced to write-off $14bn from bad debts in the US and asset write-downs.
Meanwhile, pre-tax profits fell 35% to $2.1bn during the same period.
An HSBC spokesman said the firm had opted to reduce its workforce, “because of market conditions and the economic environment, and our cautious outlook for 2009″.
Many of the job-losses will be at the headquarters of HSBC’s investment banking division, which are in London’s Canary Wharf.
Banks around the world have been coming under increased pressure from the credit crisis currently affecting financial markets.
The problems have forced governments to step in and boost money markets as well as bail out a number of companies.
Earlier this year, the UK government had to buy mortgage lender Northern Rock, while in the US lenders Fannie Mae and Freddie Mac have been rescued as well as insurer AIG and investment bank Lehman Brothers filed for bankruptcy.
About half of the cuts, which will affect back room jobs at its global banking and markets operation, will take place in the UK.
HSBC employs about 335,000 people around the world.
Last month, HSBC said half year profits fell 28% to $10.2bn (£5.2bn), as it was forced to write-off $14bn from bad debts in the US and asset write-downs.
Meanwhile, pre-tax profits fell 35% to $2.1bn during the same period.
An HSBC spokesman said the firm had opted to reduce its workforce, “because of market conditions and the economic environment, and our cautious outlook for 2009″.
Many of the job-losses will be at the headquarters of HSBC’s investment banking division, which are in London’s Canary Wharf.
Banks around the world have been coming under increased pressure from the credit crisis currently affecting financial markets.
The problems have forced governments to step in and boost money markets as well as bail out a number of companies.
Earlier this year, the UK government had to buy mortgage lender Northern Rock, while in the US lenders Fannie Mae and Freddie Mac have been rescued as well as insurer AIG and investment bank Lehman Brothers filed for bankruptcy.
HSBC Banking Job cuts
Banking giant HSBC is to axe 1,100 jobs worldwide, blaming the current financial turmoil for the decision.
About half of the cuts, which will affect back room jobs at its global banking and markets operation, will take place in the UK.
HSBC employs about 335,000 people around the world.
Last month, HSBC said half year profits fell 28% to $10.2bn (£5.2bn), as it was forced to write-off $14bn from bad debts in the US and asset write-downs.
Meanwhile, pre-tax profits fell 35% to $2.1bn during the same period.
An HSBC spokesman said the firm had opted to reduce its workforce, “because of market conditions and the economic environment, and our cautious outlook for 2009″.
Many of the job-losses will be at the headquarters of HSBC’s investment banking division, which are in London’s Canary Wharf.
Banks around the world have been coming under increased pressure from the credit crisis currently affecting financial markets.
The problems have forced governments to step in and boost money markets as well as bail out a number of companies.
Earlier this year, the UK government had to buy mortgage lender Northern Rock, while in the US lenders Fannie Mae and Freddie Mac have been rescued as well as insurer AIG and investment bank Lehman Brothers filed for bankruptcy.
About half of the cuts, which will affect back room jobs at its global banking and markets operation, will take place in the UK.
HSBC employs about 335,000 people around the world.
Last month, HSBC said half year profits fell 28% to $10.2bn (£5.2bn), as it was forced to write-off $14bn from bad debts in the US and asset write-downs.
Meanwhile, pre-tax profits fell 35% to $2.1bn during the same period.
An HSBC spokesman said the firm had opted to reduce its workforce, “because of market conditions and the economic environment, and our cautious outlook for 2009″.
Many of the job-losses will be at the headquarters of HSBC’s investment banking division, which are in London’s Canary Wharf.
Banks around the world have been coming under increased pressure from the credit crisis currently affecting financial markets.
The problems have forced governments to step in and boost money markets as well as bail out a number of companies.
Earlier this year, the UK government had to buy mortgage lender Northern Rock, while in the US lenders Fannie Mae and Freddie Mac have been rescued as well as insurer AIG and investment bank Lehman Brothers filed for bankruptcy.
What the banks are looking for in an applicant
What bank looks for in job applicant is one of the most debated & sought after question for the candidates trying to join the banking sector. Every bank has different bench marks. Also public sector banks differ in their recruitment approach from new private sector banks.
However following capabilities/abilities, every bank look for in the new employees: -
1. Ability to lead and work in teams as required.
2. Ability to lead, manage, train the team to achieve targets.
3. Ability to grasp information and to convey it in a meaningful manner.
4. Ability to optimum utilization of resources and commitment to meet deadlines.
5. Ability to comprehend needs of customers and to respond appropriately
However following capabilities/abilities, every bank look for in the new employees: -
1. Ability to lead and work in teams as required.
2. Ability to lead, manage, train the team to achieve targets.
3. Ability to grasp information and to convey it in a meaningful manner.
4. Ability to optimum utilization of resources and commitment to meet deadlines.
5. Ability to comprehend needs of customers and to respond appropriately
What the banks are looking for in an applicant
What bank looks for in job applicant is one of the most debated & sought after question for the candidates trying to join the banking sector. Every bank has different bench marks. Also public sector banks differ in their recruitment approach from new private sector banks.
However following capabilities/abilities, every bank look for in the new employees: -
1. Ability to lead and work in teams as required.
2. Ability to lead, manage, train the team to achieve targets.
3. Ability to grasp information and to convey it in a meaningful manner.
4. Ability to optimum utilization of resources and commitment to meet deadlines.
5. Ability to comprehend needs of customers and to respond appropriately
However following capabilities/abilities, every bank look for in the new employees: -
1. Ability to lead and work in teams as required.
2. Ability to lead, manage, train the team to achieve targets.
3. Ability to grasp information and to convey it in a meaningful manner.
4. Ability to optimum utilization of resources and commitment to meet deadlines.
5. Ability to comprehend needs of customers and to respond appropriately
USA Banking
Bank of America is scaling back its investment banking operations, shedding an additional 650 jobs after suffering heavy trading losses from bad mortgage investments.
Those layoffs are on top of 500 jobs that were eliminated in mid-October, when Bank of America executives signaled plans of a retreat. Together, they represent about 19 percent of the investment bank’s 5,900 employees.
Bank of America executives said that they will pare back coverage of certain investment banking customers and narrow the services it provides to corporate clients overseas. They are also ratcheting down their trading activities, scaling back their presence in packaging mortgages and other complex securities that have been hit hardest by the credit crisis.
The Bank of America also plans to sell its prime brokerage unit, which faced steep competition and massive investment requirements. Citadel Investment Group, the big hedge fund with a major prime brokerage arm, has been reported to be interested in the business. Bank of America executives said they have received several inquiries. No decision has been made at this time.
While many observers expected a more dramatic retrenchment, the move is still a major blow to Bank of America’s plans to develop a top-tier investment bank. Only a few years ago, it embarked on plans to invest more than $625 million to bolster its Wall Street presence. Now, it is taking several steps back.
“It’s you’re prerogative to use ‘retreat’ or ‘retrench,’” said Kenneth D. Lewis, Bank of America’s chairman and chief executive at a new conference on Tuesday morning. “I see it as reacting to the realities of the market as you see them today.”
The changes at the investment bank will reduce its overall revenue, steering the bank to more predictable but lower margin businesses. They also make Bank of America even more dependent on consumer economy at a time when the housing market has sharply deteriorated, credit losses have spiked, and talk of a recession looms. Just a few days ago, however, Mr. Lewis doubled down his bet with Bank of America’s $4 billion acquisition of the mortgage giant, Countrywide Financial.
Those layoffs are on top of 500 jobs that were eliminated in mid-October, when Bank of America executives signaled plans of a retreat. Together, they represent about 19 percent of the investment bank’s 5,900 employees.
Bank of America executives said that they will pare back coverage of certain investment banking customers and narrow the services it provides to corporate clients overseas. They are also ratcheting down their trading activities, scaling back their presence in packaging mortgages and other complex securities that have been hit hardest by the credit crisis.
The Bank of America also plans to sell its prime brokerage unit, which faced steep competition and massive investment requirements. Citadel Investment Group, the big hedge fund with a major prime brokerage arm, has been reported to be interested in the business. Bank of America executives said they have received several inquiries. No decision has been made at this time.
While many observers expected a more dramatic retrenchment, the move is still a major blow to Bank of America’s plans to develop a top-tier investment bank. Only a few years ago, it embarked on plans to invest more than $625 million to bolster its Wall Street presence. Now, it is taking several steps back.
“It’s you’re prerogative to use ‘retreat’ or ‘retrench,’” said Kenneth D. Lewis, Bank of America’s chairman and chief executive at a new conference on Tuesday morning. “I see it as reacting to the realities of the market as you see them today.”
The changes at the investment bank will reduce its overall revenue, steering the bank to more predictable but lower margin businesses. They also make Bank of America even more dependent on consumer economy at a time when the housing market has sharply deteriorated, credit losses have spiked, and talk of a recession looms. Just a few days ago, however, Mr. Lewis doubled down his bet with Bank of America’s $4 billion acquisition of the mortgage giant, Countrywide Financial.
MBA Students
There are still plenty of opportunities in finance but MBA students, even at the top universities, may have to review their options and perhaps look at smaller firms in different sectors, according to report in the Boston Globe.
Students are starting to accept the reality that the era of giant investment banks has come to a crashing close. Prospective investment bankers at top-rated schools are now bracing for a longer, wider job search, or are branching out into asset management or private equity. While the opportunities for investment banking jobs on Wall Street will be very limited for this year’s crop of MBA grads, there are some other positives signs, according to Roxanne Hori, assistant dean and director of career management at Northwestern University’s Kellogg School of Management. According to her, boutique firms and mid-size organizations are already recruiting, and so are consulting firms.
Other experts advise that the way to get into investment banking and private equity now is to target a particular sector that interests you, such as entertainment or healthcare, tailor your MBA coursework to that sector, and then approach smaller firms that are still hiring
Students are starting to accept the reality that the era of giant investment banks has come to a crashing close. Prospective investment bankers at top-rated schools are now bracing for a longer, wider job search, or are branching out into asset management or private equity. While the opportunities for investment banking jobs on Wall Street will be very limited for this year’s crop of MBA grads, there are some other positives signs, according to Roxanne Hori, assistant dean and director of career management at Northwestern University’s Kellogg School of Management. According to her, boutique firms and mid-size organizations are already recruiting, and so are consulting firms.
Other experts advise that the way to get into investment banking and private equity now is to target a particular sector that interests you, such as entertainment or healthcare, tailor your MBA coursework to that sector, and then approach smaller firms that are still hiring
Whats next in Banking USA
With this week’s turbulence and shakeout in the financial markets - locals here in Charlotte are wondering and waiting what the future will hold. Many are asking what effect the merger between Bank of America and Merrill Lynch & Co will have on their job - at the same time the same questions are being asked about what may turn out to be a Wachovia merger with Morgan Stanley.
The 30,000 or so locals who work for Bank of America Corp. and Wachovia Corp. just aren’t spending like they used to, said Wade Serhals, who sold the Tic Toc last week.
“Finance is the main industry in this city, so the whole street feels it when things slow down,” Serhals said after visiting the new manager yesterday, estimating sales were off 5 to 10 percent. “People are telling me they’re starting to pack their lunch.”
The 30,000 or so locals who work for Bank of America Corp. and Wachovia Corp. just aren’t spending like they used to, said Wade Serhals, who sold the Tic Toc last week.
“Finance is the main industry in this city, so the whole street feels it when things slow down,” Serhals said after visiting the new manager yesterday, estimating sales were off 5 to 10 percent. “People are telling me they’re starting to pack their lunch.”
IT Jobs in Banking
* Not all banks are slimming down their IT - some in the UK are investing heavily in new technology and eager to attract the right people - get in touch and we'll let you know more!
* The growth in IT jobs is spread across the UK - They are recruiting from as far north as Aberdeen, througout the Midlands, South East and South West too.
* The Far East and Middle East are still growing rapidly and demand for skilled English-speaking IT people is huge - we have IT recruitment partners all over the world - time to broaden your horizon?
* The growth in IT jobs is spread across the UK - They are recruiting from as far north as Aberdeen, througout the Midlands, South East and South West too.
* The Far East and Middle East are still growing rapidly and demand for skilled English-speaking IT people is huge - we have IT recruitment partners all over the world - time to broaden your horizon?
Investment Banking Jobs
Piotr Karasinski is the global head of quantitative development at HSBC. He was a successful academic before he shifted to Wall Street. Therefore if anyone is able to give some insight into investment banking it would be him. Piotr Karasinski explained that the role of quantitative analysts is to “implement derivates pricing models, develop tools for calibrating model parameters, analyse model performance and provide trading desk support.”
He felt that applicants for banking jobs need to demonstrate interest in finance either by personal reading or specialized workshops. Among quantitative tools he particularly emphasized partial differential equations, probability & statistics, stochastic and programming skills. He also emphasized basic knowledge about stocks, bonds, call/put options, interest rates and inflation. He commented that some knowledge of Capital Asset Pricing Model, Black-Scholes model and Gaussian Mean-Reverting Short-Rate model is helpful.
Compared to other speakers, Dr. Karasinski gave tips (here, here, here, and here) about certain books to read. Among magazines, he recommended Risk, Financial Analyst Journal and Wilmott. He commented that additional dimensions of knowledge of psychology, economic history and business are crucial for any mathematical PhDs applying to be a quantitative analyst.
There were a couple of more focussed presentations on algorithmic trading which is of particular interest to me. There is great development in this area and it is something that has also attracted considerable interest in the computer science academic community. On the banking side, algorithmic trading involves complex modeling of historic movement to predict the future, and analysis for hedge strategy. There is also a scope of exotics which includes pricing of complex financial instruments and risk management techniques. One speaker emphasized proprietary trading as one of the key areas of focus. Overall, the presentations were insightful enough to provide a flavour of what life in an investment bank is like.
He felt that applicants for banking jobs need to demonstrate interest in finance either by personal reading or specialized workshops. Among quantitative tools he particularly emphasized partial differential equations, probability & statistics, stochastic and programming skills. He also emphasized basic knowledge about stocks, bonds, call/put options, interest rates and inflation. He commented that some knowledge of Capital Asset Pricing Model, Black-Scholes model and Gaussian Mean-Reverting Short-Rate model is helpful.
Compared to other speakers, Dr. Karasinski gave tips (here, here, here, and here) about certain books to read. Among magazines, he recommended Risk, Financial Analyst Journal and Wilmott. He commented that additional dimensions of knowledge of psychology, economic history and business are crucial for any mathematical PhDs applying to be a quantitative analyst.
There were a couple of more focussed presentations on algorithmic trading which is of particular interest to me. There is great development in this area and it is something that has also attracted considerable interest in the computer science academic community. On the banking side, algorithmic trading involves complex modeling of historic movement to predict the future, and analysis for hedge strategy. There is also a scope of exotics which includes pricing of complex financial instruments and risk management techniques. One speaker emphasized proprietary trading as one of the key areas of focus. Overall, the presentations were insightful enough to provide a flavour of what life in an investment bank is like.
Jobs In Banking
Well, it’s about time the blogsphere heard about the skill sets that I’m always on the look out for. As the market is candidate driven at the moment it’s more than likely that developers with a number of years experience of the investment banking industry will not be actively looking to move. And those who are on the market are likely to look at numerous job boards to see what positions are open.
The feedback from candidates I have dealt with in the past always comment about how they get inundated with phone calls from agencies once they submit their CV. For every live job at a bank there will be in the region of 15-20 adverts posted on www.jobserve.com or www.cwjobs.com. This happens as each bank has 5-6 agencies working for them which results in each agency posting the same job a number of times.
I’m guessing that candidates would like the job hunting process to be as painless as possible. With this in mind I’m going to update my blog with a brief overview of skills and business areas that I feel are in high demand. If any of these descriptions catch your interest than feel free to leave a comment and if it happens to be a position that suits your skill set then leave me your contact details.
The feedback from candidates I have dealt with in the past always comment about how they get inundated with phone calls from agencies once they submit their CV. For every live job at a bank there will be in the region of 15-20 adverts posted on www.jobserve.com or www.cwjobs.com. This happens as each bank has 5-6 agencies working for them which results in each agency posting the same job a number of times.
I’m guessing that candidates would like the job hunting process to be as painless as possible. With this in mind I’m going to update my blog with a brief overview of skills and business areas that I feel are in high demand. If any of these descriptions catch your interest than feel free to leave a comment and if it happens to be a position that suits your skill set then leave me your contact details.
Is your banking Job at risk
Is my job at risk? I doubt it. If you are a strong performer (and if you’re on this site, you probably are) then you are the last person your company wants to see go. If you continue to demonstrate your enthusiasm, commitment and ability, your company is likely to do everything they can to keep you on. Even if your department is being cut back or - heaven forfend - re-structured out of existence, then you’re likely to be offered something else, somewhere else in the company. And if you don’t fancy that – then don’t worry, there are other jobs…
Can I still get a job? Yes, of course. There are still plenty of jobs. Certainly, some sectors are pretty tough to break into at the moment – investment banking, for example – and many other companies are feeling cautious. That manifests itself in a reduction of planned hires, or at least a slowing of the process. But this shouldn’t be overstated. Most companies are doing fine. Increasing revenues, making profits and following the same strategies for growth as before. And pretty much every one of those strategies requires more good people to drive the business forward. Moreover, churn still happens – employees still move on – and that leaves holes that need to be filled. So of course you can get a job. But perhaps what you meant was …
Can I still get exactly the job that I want? Ah… now that’s a different question. The last six years or so has been something of a sellers market for candidates. There have been more ‘jobs requiring great people’ than, arguably, ‘great people’. That balance might well have shifted a bit. You might have to consider widening your search slightly. If you are only interested in working for either an investment bank, or, at the very least, a top strategy consultancy, then you might struggle. That’s pretty much what everyone says, and therefore those companies can still take the pick of the very best people in the country. You’ll need to have it all – superb academics, evidence of exceptional commercial acumen, multiple languages, good connections, a winning personality and (ideally) be related to the MD. And it still might be tough. But why not broaden your horizons…
Can I still get a job? Yes, of course. There are still plenty of jobs. Certainly, some sectors are pretty tough to break into at the moment – investment banking, for example – and many other companies are feeling cautious. That manifests itself in a reduction of planned hires, or at least a slowing of the process. But this shouldn’t be overstated. Most companies are doing fine. Increasing revenues, making profits and following the same strategies for growth as before. And pretty much every one of those strategies requires more good people to drive the business forward. Moreover, churn still happens – employees still move on – and that leaves holes that need to be filled. So of course you can get a job. But perhaps what you meant was …
Can I still get exactly the job that I want? Ah… now that’s a different question. The last six years or so has been something of a sellers market for candidates. There have been more ‘jobs requiring great people’ than, arguably, ‘great people’. That balance might well have shifted a bit. You might have to consider widening your search slightly. If you are only interested in working for either an investment bank, or, at the very least, a top strategy consultancy, then you might struggle. That’s pretty much what everyone says, and therefore those companies can still take the pick of the very best people in the country. You’ll need to have it all – superb academics, evidence of exceptional commercial acumen, multiple languages, good connections, a winning personality and (ideally) be related to the MD. And it still might be tough. But why not broaden your horizons…
Lets be optimistic on the Banking Industry
Despite reports this month of HNW individuals being hit hardest by rising interest rates and the unstable economic climate, research from Mintel suggests the vast majority are remaining optimistic and continuing to build their investment portfolio into 2008. The personal wealth management industry has seen a boom in the past few years with the population of high earning individuals (£100k+) increasing year-on-year since 2002.
Personal factors play a significant role in the decision of many to continue investing, despite the relative instability of the past 6 months. ‘Hobby investing’ has continued to increase, spurred in part by potentially lucrative opportunities created by the credit crunch and dramatic Northern Rock crash, contributing to the personal investment industries relative stability. The message for those working in personal investments is “keep your personal relationships tight” - this is one of the main factors influencing HNW investors
Personal factors play a significant role in the decision of many to continue investing, despite the relative instability of the past 6 months. ‘Hobby investing’ has continued to increase, spurred in part by potentially lucrative opportunities created by the credit crunch and dramatic Northern Rock crash, contributing to the personal investment industries relative stability. The message for those working in personal investments is “keep your personal relationships tight” - this is one of the main factors influencing HNW investors
Choosing A specialist Agency
If you’re looking for a job in banking, or a financial career of any sort you’ll know there’s a lot of competition out there. In 2007 a lot of the big banks have cut back on top recruitment of top level staff, an effect that has filtered down to all steps on the financial career ladder. However there’s still jobs available for the right candidate- whether graduate or trainee- right through to director level specialists and getting on the books of a reputable and specialist banking and financial recruitment agency is the best way to ensure your new or change of career in finance or banking is as successful (and easy) as possible. Below are some pointers on choosing a good agency.
Are they specialists?
Your search for a new job will likely start online and you’ll soon become aware there’s no shortage of job boards and virtual recruitment agencies out there claiming to specialise in all sectors of recruitment- but do they genuinely know the financial sector, and more importantly know about getting the best placements in banks and finance houses in the UK, Europe or Internationally? The first thing to do is talk to an agent- you’ll soon get a feel for what they know and where their priorities lie.
Are they specialists?
Your search for a new job will likely start online and you’ll soon become aware there’s no shortage of job boards and virtual recruitment agencies out there claiming to specialise in all sectors of recruitment- but do they genuinely know the financial sector, and more importantly know about getting the best placements in banks and finance houses in the UK, Europe or Internationally? The first thing to do is talk to an agent- you’ll soon get a feel for what they know and where their priorities lie.
Writing a CV For Banking Jobs
Writing a CV The CV is a critical part of successfully applying for banking jobs as its all an employer has to go on when deciding whether or not to invite you to interview. As the people up against you for banking jobs are going to have often very similar skills and experience due to the nature of the industry your CV has to not only be watertight in terms of the information it gets across but also make you stand out from a crowd of other financial experts. Banking is still a formal institution and you resume should reflect this, but some creativity will help to show your character and the effort you’ve put into your application- think about ways of presenting your CV with a unique personal touch, if you’re photogenic a picture of yourself is often a good start (don’t forget to smile!). Again a recruitment agent should be able to help you get your CV up to a standard where they are confident it will be acceptable by the banks and financial institutions whom will be recruiting. There are lots of template CV’s and CV writing advice available online by searching for ‘banking job CV’.
Choosing Banking Recruitment Agencies
If you choose to use an agency to find you a new job in banking it is important to approach an agency who understand the unique and often specialist nature of the banking industry and have direct relationships with the banks themselves. Banks will often not deal with recruitment agencies whom they do not have a working relationship with due to their HR procedures. So make sure the agency representing you are talking to the banks or financial institutions directly and are on their preferred suppliers lists. The main advantage of an agency is having an agent working on your behalf so make sure you get on with your agent and you feel comfortable with them representing you in front of potential employers- if an agent expects you to lie about your skills or experience on a CV its unlikely they’re working for your best interests.
Getting a job in banking
This blog is an introduction to recruitment for UK banking jobs. Getting a job in banking can be a drawn out process as recruitment cycles often take up to 6 months and the top banks may look at hundreds of candidates for a single post and go through 2 or more interviewing stages often in addition to a competency assessment. If you already work in banking or the finance sector you may be familiar with the recruitment process and if you’re looking for a change of career within banking this article will discuss briefly the best approach to successfully finding a new job.
Agency or direct At the start of your journey to find a perfect banking job you will usually be faced with 2 routes (although you can take both simultaneously). Whether you should use a recruitment agency to source suitable opportunities for you or go direct to financial institutions with your applications. Using an agency Agencies are widely used in financial recruitment particularly for skilled banking jobs as the recruitment process is a labour intensive one often comprising of weeks of processing under qualified or inappropriate candidates before arriving at a list of high quality potential employees. The banking sector more than most appreciate the added value of dealing with an agency for some or all of their recruitment rather than managing their own extensive human resources based recruitment programme.
Recruitment agency consultants are driven to match the best candidates to the clients banking jobs, usually more so than the person to whom responsibility falls within the client institution- often the HR department or busy heads of department who may not have the required time to properly process high volumes of applications. For the candidate, using a recruitment agency can also offer some distinct advantages over applying directly to individual companies in response to banking job vacancy advertisements. An agency will be working closely with the banks with a range of vacancies both current and upcoming available. If an advertised vacancy does not prove to be suitable your recruitment consultant will often be able to recommend an alternative position to apply for. If you have the skills and experience that an agency is looking for they will actively seek out new opportunities for you as they become available, this can take much of the time consuming work out of applying for a new job in banking as agencies will only put candidates forward for positions they feel they are well suited for and capable of obtaining. Agencies can also deal with the initial contacting of the financial institutions and get interviews arranged on your behalf.
Agency or direct At the start of your journey to find a perfect banking job you will usually be faced with 2 routes (although you can take both simultaneously). Whether you should use a recruitment agency to source suitable opportunities for you or go direct to financial institutions with your applications. Using an agency Agencies are widely used in financial recruitment particularly for skilled banking jobs as the recruitment process is a labour intensive one often comprising of weeks of processing under qualified or inappropriate candidates before arriving at a list of high quality potential employees. The banking sector more than most appreciate the added value of dealing with an agency for some or all of their recruitment rather than managing their own extensive human resources based recruitment programme.
Recruitment agency consultants are driven to match the best candidates to the clients banking jobs, usually more so than the person to whom responsibility falls within the client institution- often the HR department or busy heads of department who may not have the required time to properly process high volumes of applications. For the candidate, using a recruitment agency can also offer some distinct advantages over applying directly to individual companies in response to banking job vacancy advertisements. An agency will be working closely with the banks with a range of vacancies both current and upcoming available. If an advertised vacancy does not prove to be suitable your recruitment consultant will often be able to recommend an alternative position to apply for. If you have the skills and experience that an agency is looking for they will actively seek out new opportunities for you as they become available, this can take much of the time consuming work out of applying for a new job in banking as agencies will only put candidates forward for positions they feel they are well suited for and capable of obtaining. Agencies can also deal with the initial contacting of the financial institutions and get interviews arranged on your behalf.
Banking
MORE jobs in the UK's banking sector will disappear as the economy pays the price for years of unsustainable growth, the chief economist of the country's biggest bank has warned.
Dennis Turner, of HSBC, said that banks could face a recruitment freeze for between five and seven years.
His gloomy forecast came just hours after the bank announced it would axe about 500 UK jobs in its investment banking division as part of a ADVERTISEMENTworldwide cull of 1,100.
Visiting Leeds and speaking exclusively to the Yorkshire Post Mr Turner said a combination of the credit crunch and the economic cycle had created a time of uncharted difficulty and that unemployment could rise to 1.1m or 1.2m over the next year.
"Policymakers are grappling because there are no precedents. It is a problem about confidence (in the baking sector] and about liquidity.
"We will see fewer people working in banking over the next five years. We could see a recruitment freeze for five or seven years. It is a hell of a long time."
Mr Turner said that banking currently made up 20 per cent of the UK's gross domestic product but this would shrink.
"There has got to be some slowing down in the sector. People who pick up six-figure bonuses will find their jobs vulnerable – but they tend to be in London."
But he pointed out that there was a high level of natural wastage in banking already – making redundancies less likely – and that jobs in branches seemed secure as banks tried to increase their retail work. The industry would pick up as the property market recovered but he did not know if HSBC would cut further jobs, he added.
The credit crisis could also lead to more banks being taken over, he said. Lloyds TSB bought Halifax Bank of Scotland for £12.2bn last week and commentators have predicted that loss-making Bradford & Bingley could also be swallowed. B&B said on Thursday that it was cutting 300 jobs in Hertforshire to save money and taking on 70 staff at its Bingley head office to help collect bad debts. The second stage of B&B's review will involve the 1,400 staff employed in Bingley and others in Crossflatts.
Mr Turner firmly refused to comment on speculation that HSBC could buy B&B but said: "Some buy-to-let lenders are more at risk of being taken over."
He also said the UK's boom years had been supported by an outpouring of expenditure funded by personal debt – but said this was only part of the reason for wider economic problems now.
"Unemployment was falling and spending rising but on the back of borrowing and that was not sustainable. There is £1.4 trillion of household debt. Everybody on average owes 19 or 20 months' pay.
Dennis Turner, of HSBC, said that banks could face a recruitment freeze for between five and seven years.
His gloomy forecast came just hours after the bank announced it would axe about 500 UK jobs in its investment banking division as part of a ADVERTISEMENTworldwide cull of 1,100.
Visiting Leeds and speaking exclusively to the Yorkshire Post Mr Turner said a combination of the credit crunch and the economic cycle had created a time of uncharted difficulty and that unemployment could rise to 1.1m or 1.2m over the next year.
"Policymakers are grappling because there are no precedents. It is a problem about confidence (in the baking sector] and about liquidity.
"We will see fewer people working in banking over the next five years. We could see a recruitment freeze for five or seven years. It is a hell of a long time."
Mr Turner said that banking currently made up 20 per cent of the UK's gross domestic product but this would shrink.
"There has got to be some slowing down in the sector. People who pick up six-figure bonuses will find their jobs vulnerable – but they tend to be in London."
But he pointed out that there was a high level of natural wastage in banking already – making redundancies less likely – and that jobs in branches seemed secure as banks tried to increase their retail work. The industry would pick up as the property market recovered but he did not know if HSBC would cut further jobs, he added.
The credit crisis could also lead to more banks being taken over, he said. Lloyds TSB bought Halifax Bank of Scotland for £12.2bn last week and commentators have predicted that loss-making Bradford & Bingley could also be swallowed. B&B said on Thursday that it was cutting 300 jobs in Hertforshire to save money and taking on 70 staff at its Bingley head office to help collect bad debts. The second stage of B&B's review will involve the 1,400 staff employed in Bingley and others in Crossflatts.
Mr Turner firmly refused to comment on speculation that HSBC could buy B&B but said: "Some buy-to-let lenders are more at risk of being taken over."
He also said the UK's boom years had been supported by an outpouring of expenditure funded by personal debt – but said this was only part of the reason for wider economic problems now.
"Unemployment was falling and spending rising but on the back of borrowing and that was not sustainable. There is £1.4 trillion of household debt. Everybody on average owes 19 or 20 months' pay.
Women In Banking Jobs
Almost half of the women in senior positions in investment banking have no children, according to new research seen by The Observer, underlining the sacrifices required for females to advance in the City.
A large proportion of those who are mothers balance work and family through role reversal: a quarter of the women surveyed had stay-at-home husbands.
The research, by Ruth Sealy of the International Centre for Women Business Leaders at Cranfield School of Management, suggests that there are even fewer women in senior City roles than elsewhere in industry. At the banks she investigated, just 5 per cent of managing directors were female, compared with 11 per cent of FTSE 100 directors and 19 per cent of MPs, according to the latest annual survey by the Equality and Human Rights Commission.
Sealy interviewed 34 women managing directors at leading City investment banks and found that 16 - nearly half - had no children. Their average age was 42. Fewer than a fifth of women in the population as a whole remain childless. However, women in other areas of finance, such as fund management, may find it easier to combine a career with motherhood.
Of those surveyed 28 had partners, of which eight did not work or were the primary carers - again, a number well in advance of the general population. Sealy believes this underlines the difficulty of combining a City career with a family. 'A lot of [the women] talked about postponing having a family,' she said.
Herta von Stiegel, who has held senior positions at JP Morgan, Citibank and AIG Financial Products, said she believes the 'macho' culture of investment banking is unnecessary. She said: 'I have led some of the most complex deals in corporate finance, and I can tell you there is no need to push 24/7. If you are organised, you can structure yourself better.
'The system was created by men, for men. We do not want the same treatment as men; we want to cater for people's diversity. In my view, that takes enlightened men and brave women.'
A large proportion of those who are mothers balance work and family through role reversal: a quarter of the women surveyed had stay-at-home husbands.
The research, by Ruth Sealy of the International Centre for Women Business Leaders at Cranfield School of Management, suggests that there are even fewer women in senior City roles than elsewhere in industry. At the banks she investigated, just 5 per cent of managing directors were female, compared with 11 per cent of FTSE 100 directors and 19 per cent of MPs, according to the latest annual survey by the Equality and Human Rights Commission.
Sealy interviewed 34 women managing directors at leading City investment banks and found that 16 - nearly half - had no children. Their average age was 42. Fewer than a fifth of women in the population as a whole remain childless. However, women in other areas of finance, such as fund management, may find it easier to combine a career with motherhood.
Of those surveyed 28 had partners, of which eight did not work or were the primary carers - again, a number well in advance of the general population. Sealy believes this underlines the difficulty of combining a City career with a family. 'A lot of [the women] talked about postponing having a family,' she said.
Herta von Stiegel, who has held senior positions at JP Morgan, Citibank and AIG Financial Products, said she believes the 'macho' culture of investment banking is unnecessary. She said: 'I have led some of the most complex deals in corporate finance, and I can tell you there is no need to push 24/7. If you are organised, you can structure yourself better.
'The system was created by men, for men. We do not want the same treatment as men; we want to cater for people's diversity. In my view, that takes enlightened men and brave women.'
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