Financial Services Jobs

Careers in Finance

2009-02-23T07:14:00.000-08:00

The finance industry is concerned with how individuals and institutions handle their financial resources -- how they raise their money, where they allocate it and how they use it -- and assesses the risks involved in these activities as well as recommends ways to manage these risks.
There are a number of exciting and rewarding jobs in the field of finance. What follows are just a few examples.
The commercial banking sector employs more people than any other facet of the financial services industry. Banks offer individuals the opportunity to interact with a broad spectrum of people and the chance to develop a clientele. People in banking usually start out as tellers and shift to other bank services such as leasing, credit card banking, trade credit and international finance.
As the name indicates, a career in corporate finance means you will work in a corporation and are mainly concerned with sourcing money for the company -- money that will be used to develop the business, make acquisitions and ensure the company's future. In a corporation, you are likely to start as a financial officer.
As a financial planner, you may also work for a corporation but will mainly be concerned with only one aspect of finances -- planning for the future. You have to have a firm grasp of investments, estate planning as well as taxes. Or you may serve as a consultant who provides financial planning for individuals, e.g., planning their retirement needs or how they can put their kids through college.
With annual revenues surpassing the trillion-dollar mark, the insurance industry looms as one of the most attractive areas for a career in finance. In 2005, there were an estimated 2.5 million people in the US who were employed in the insurance field, which is mainly considered with the business of managing risk and anticipating problem areas. Possible jobs in insurance include working as an underwriter, sales representative, customer service rep, asset manager or an actuary.
A career in investment banking means you will be concerned with issuing securing and helping investors buy, manage or trade financial assets. As a bonus, you get the chance to work on Wall Street in a leading investment banks such as Merrill Lynch, Salomon Smith Barney, Morgan Stanley Dean Witter .

Goal Setting in Financial Services

2009-02-23T07:12:00.000-08:00

While it would be unrealistic for brand new financial advisers to have any sort of grand dreams and vision for their business until they have spent some time in the business, it's still important to set business goals and achieve them, because good results drives the passion in the beginning.
How should a new adviser go about their Goals Setting?
"You have your way. I have my way. As for the right way, the correct way, and the only way, it does not exist." Friedrich Nietzsche
There is no "Right" way, but your goals should answer your purpose, desired income level, skills and personal development and physical health.
Personal Vision and Purpose
You started off this career for a reason. For some, it's to pursue an interest, some to earn Financial and Time Freedom, others to challenge themselves. How it is going to go is sometime hazy.
The destination is not always easy to see at the beginning, like what Steve Jobs, the CEO of Apple, said looking back from success, "connecting the dots" every experience was valuable in getting to where he is today.
"Again, you can't connect the dots looking forward; you can only connect them looking backwards. So you have to trust that the dots will somehow connect in your future. You have to trust in something - your gut, destiny, life, karma, whatever. This approach has never let me down, and it has made all the difference in my life." Steve Jobs at Stanford University, 14 Jun 2005
Keeping it simple in the beginning, write down why you decided on this career and what do you expect to achieve in 2 to 3 years time.
Example: "My purpose of starting this financial advisory career is to achieve financial and time freedom and serving the community with what skills and knowledge I have. I expect to match my current income in one years' time and earn $150,000 per year in 3 years time. I'd like to be able to spend 1 month of my time for UNICEF work and enjoy quality family time while running my business."
Income & Activity Goals
Your income is determined by what you do and how you do it. Control the controllable: making the calls, getting the appointments. As your skill level improves you should close more deals.
Working backwards from your income goals, you should arrive at specific number of new prospects you should see a week. It is imperative that the goals you set weekly are being achieved weekly. Plan your calling time and appointment times as a priority.
Focus on the objective of seeing the number of new prospects every week, not on the eventual sale. As your skill level improves you should multiply your results very quickly.
Skills and Personal Development Goals
Commit to growing in your Communication and Persuasion Skills, whether it's fact-to-face or over the phone. This will be your most important ability to acquire. A "SMART" goal is to commit to a book or audio program (Specific) every month (Time-line), review it with your trainer/coach and use the skills taught (Measurable).
Another important aspect is to master basic predetermined presentations from your company, and role play it with your colleagues. Set goals to practice weekly to improve your Presentation Skills.
Also, make it a point to grow the inner-person to have a success mindset. Start with books recommended by your coach for personal Success Motivation.
Health & Physiological Goals
To accomplish great results, you'll need to be at your physical and physiological best. It's no secret that fitness makes you more alert and effective at work. On the other hand, an illness can knock you out for weeks, and break your momentum you need in the first 90 days.
Set fitness goals like weight loss targets and work out the schedule for physical fitness activities. Better yet, create prospecting opportunities while pursuing them.
Mental & Motivation Goals
Create some motivation for yourself by setting up a reward system for achieving weekly goals and milestone goals. Example: "I will reward myself with a fishing trip or other leisure time in the weekend for achieving my weekly goal of meeting 3 new prospects. And a spa visit for achieving my sales goals for the month"

Finance and Banking Jobs

2009-02-23T07:11:00.000-08:00

Modern banks have highly trained staff for delivering top quality service to customers. Other financial institutions like insurance companies now offer most of the services provided by banks. Owing to this intense competition, banks need top quality staff that is talented, reliable, trustworthy, and communicative. Many banking jobs are in specialist areas such as IT and corporate banking.
Entry-level jobs will probably involve processing checks so that the employee can meet the strict deadlines for overnight delivery to the bank's head office. These employees are also involved in answering customers' questions and are the bank's front line executives.
If the employee shows aptitude and initiative, he or she can become a supervisor, carrying responsibility for his or her own team. Once this employee passes their professional banking exams, he can be in charge of the whole branch. Graduates can expect to be placed on a fast track learning course, spending about two years moving through different jobs within the bank while learning how the bank works before being promoted to a management position. Managers need a wide knowledge of the financial services available and should know when to bring in specialist advisers from other areas of the bank.
All banking staff is expected to attend regular in-house training courses throughout their career to learn about new developments. Working hours of the staff are generally from 9am to 5pm, but working patterns can vary. Some branches will be opened on Saturdays and some are even open on Sundays.
Salaries depend on the roles and responsibilities of the employee and the location of the bank. Most banks operate on an annual appraisal system and salary increments are awarded according to the performance of the employee during the year. Profit sharing, subsidized mortgages, and non-contributory pension schemes form a part of their remuneration package.
There is a tremendous range of opportunities in commercial banking, starting at the branch level. Different job options are Credit Analyst, Loan Officer, Branch Manager, Trust Officer, Mortgage Banker, and other jobs in accounting, marketing and advertising, commercial card operations, securities transfer, wire operations, private banking, cash management services and operations and communications. In the case of investment banking, the job options are manifold in areas like corporate finance, merger and acquisition deals, project financing, derivative financing, international sales, and retail brokerage

Financial Services for young people

2009-02-23T06:56:00.000-08:00

Unlike other bank accounts with online features, however, Virtual Wallet is unique in that it was designed from the ground up to appeal to the needs of young account holders.From drag-and-drop account transfers to a calendar system that makes it easier for Virtual Wallet customers to view balances, visualize cash flow and monitor bills, Virtual Wallet is not your parents' 'clunky' online banking system.As BusinessWeek details, PNC never intended it to be. In 2007, it hired Palo Alto design firm IDEO and asked it to help the company develop a product that was tailored specifically for 18-34 year-olds.PNC found that the online banking platforms offered by most major banks were not cutting it for this target audience and that this target audience needed a lot of help managing its money.From this, Virtual Wallet was born.The most interesting part of this story in my opinion is the fact that, on the substance side, Virtual Wallet doesn't seem to be that competitive. Checking accounts earn 0.1% interest (compared to a national average of 1.25%), savings accounts earn 3% interest (not bad but certainly not the highest rate available either) and deposits are limited to less than $25,000.As an admitted miser who tries to save at every turn and who likes to ensure that his money is being put to work to the fullest extent possible, such an offer seems utterly uncompelling.Yet thanks to its focus on market research and its wisdom in selecting a solid outside firm to help it achieve its goals, PNC seems to be proving that Virtual Wallet has been designed and packaged well.PNC reports that it has signed up 20,000 Virtual Wallet customers and is signing up 130 new ones each day. 65% of them are new PNC customers. 70% of them are in the target demographic. PNC believes Virtual Wallet will break even in two years - one year less than a new physical PNC branch would take to reach break even.I think there's a lot to be learned from the PNC 'case study':
Knowing who your target audience is and building your product around their needs is crucial to success. Despite the fact that, substance-wise, Virtual Wallet seems lacking, PNC knew what was really most important to its target audience. One 24 year-old BusinessWeek spoke to was "sold on...getting balances by text message."
You can't assume that you know what your target demographic really wants. Although I'm more a fan of substance than style, style and packaging does count for a lot. Although I'd personally never use Virtual Wallet because the interest rates and deposit limits are lacking, Virtual Wallet does prove that sometimes the assumptions we make about what will attract customers are wrong. The research conducted by IDEO led to the creation of a product that is clearly attracting customers despite the initial assumptions I personally would have made.
Turning to outside help is often a good thing. A lot of companies think that new products can (or should) almost always be developed internally. In PNC's case, it instead found that a consultancy like IDEO could help it fill in the gaps and didn't hesitate to bring them on.
You can't forget marketing. Virtual Wallet is hardly the mythical 'we didn't spend $1 on marketing' viral success story - PNC is advertising Virtual Wallet on popular television shows and websites that reach its target demographic.
It will be interesting to watch over time how Virtual Wallet fares and whether other banks take PNC's lead and develop more specialized offerings for demographic groups that may typically be underserved or less appealing.
In theory, building up a base of young customers makes a lot of sense - at some point many of these customers will graduate to more sophisticated banking products that generate more substantial fees.

Requirements to become a Finacial Analyst

2009-02-23T06:54:00.000-08:00

Obtain at least a bachelor's degree in finance, business or economics from an accredited college or university or an accredited business institute.
Pursue a graduate certification such as the (CFA) designation to increase your chances of success in finding employment and moving up in the field of investment management.
Gain experience in the financial field by working in a bank or in corporate finance. Become familiar with long-range and short-range returns, risk, diversification and investment styles.
Become certified through the American Academy of Financial Management. Meet all requirements, including education, experience and pass an examination for consideration. Certifications include Chartered Portfolio Manager (CPM) and Chartered Risk Analyst (CRA).
Seek employment in banks, investment firms, trust companies, insurance companies or corporate financial departments. Decide if you wish to manage smaller, personal portfolios or take on large investments such as corporate pension funds or mutual funds.

Working as a Financial Advisor

2009-02-23T06:52:00.000-08:00

To become a financial advisor, the first step is to locate a Broker/Dealer that offers sponsorship to take the required licensing exams. There are two major exams required in order to become a financial advisor; the Series 7 Stockbroker’ s Exam, and the Series 66 Uniform Combined State Law Exam. A candidate must receive a passing score of 70%. If this score is not met, the exam can be taken again after a 30 day waiting period.
Step2Once the exams have been passed, a rigorous sales and product training class will begin. These training classes, offered at the broker/dealers expense, typically last anywhere from 17 weeks to 3 years. Most times, the trainee will receive a small salary during the training period. There are usually sales quotas to meet where commissions can be generated and added to the base training salary.
Step3Most Broker/Dealers will require all candidates that desire to become a financial advisor to work 50-65 hours per week. Although this seems excessive, once a book of clients is created, the financial advisor can commit to a regular 40 hour work week. As client accounts are opened; the trainee’s base salary will decrease, replaced by commissions and portfolio management fees.
Step4Broker/Dealers spend a considerable amount of money training and sponsoring a candidate to become a financial advisor. Because of this expense, the selection process is extremely competitive. All those seeking to become a financial advisor should adequately prepare their lifestyles for minimal money and long hours in the beginning years.
Step5Financial Advisors come from many different occupational backgrounds; determining success can only come from the drive and passion a candidate internally possesses before entering this demanding field. Dedication and determination are a required aspect of this career position. To become a financial advisor is to become a reliable source of information for others’ investments. Candidates must know what to expect before entering this occupation

Working as a Finance Controller

2009-02-23T06:50:00.000-08:00

Prepare to Become a Finance Controller
Step1Build a strong academic foundation for future career advancement by obtaining a bachelor's degree in finance or accounting and going on to earn an MBA or Master's in accounting. Make it a priority to get these degrees early in your career so that their pursuit does not hinder your advancement when your career practical performance otherwise merits it.
Step2Spend 3 to 4 years early on in your career in a preparatory position such as accountant or auditor with an objective to become an assistant controller later. Consider starting out as a small fish in a big pond, since working within a large corporation can strengthen your credentials while giving you important practical experience and a broad network of contacts.
Step3Become an assistant finance controller or finance director in a mid- to large-sized company within 5 years of finishing your academic work, and begin to strategize about whether to set your sights on the top job where you are or at another company.
Make Your Move to Become a Finance Controller
Step1Build a strong relationship with the external CPA who audits or reviews your company and discreetly ask him to keep you in the loop concerning finance controller openings or other career advancement opportunities at other companies he works with or knows of.
Step2Make your superiors aware of your goal of becoming finance controller in your company on a specific timetable and ask them to support your career goal by giving you opportunities for internal advancement.
Step3Keep an eye on appropriate job listings in the financial journals and newspapers such as the "Wall Street Journal" and the "New York Times" and circulate or send in your resume discreetly when you see a good fit.
Step4Make note of "headhunter" or employment firms that frequently list high-level finance positions. Make an appointment to meet with their specialists in the areas of finance and accounting jobs in order to share your resume, make a personal impression and inform them of your career objective

Financial Services Job Search

2009-02-23T05:33:00.000-08:00

School relations. Check with the career development office of your undergraduate and/or graduate school. Most likely, they are trying to place their current students into financial services jobs. However, they may receive notifications of openings for graduates with several years of work experience. Many schools have job posting boards--check these regularly for updates and sign up for e-mail alert notifications.
Step2Alumni relations. Reach out through the alumni network and inquire about financial services jobs. Schools typically have both national and regional alumni networks, so if you are interested in switching locations, contact the appropriate regional network.
Step3Online job search. If you have previously held a six-figure job, consider signing up for TheLadders.com or NetShare (both charge fees which may be tax deductible--speak with a tax professional). As TheLadders offers various specialties, choose the Finance Ladder option as your primary ladder if interested in financial services jobs (you can also create e-mail alerts when positions that satisfy your search criteria are posted). Other job search sites include Monster and Yahoo's HotJobs.
Step4Company websites. If you are interested in a particular company, check the employment or career section of its website for open positions. Many companies, especially those in the finance sector, are reducing their staffs, so check back periodically if no openings appear for financial services jobs.
Step5Review your network. Join LinkedIn, create a professional profile, and begin looking for friends or colleagues. Check your contacts and address book. Do you have any friends or former colleagues in the industry? Ask if they know of any financial services jobs or have contacts in the industry. It is important to maintain your network year-round, not just when you need something, so approach people with whom you have not had recent or regular contact with care.
Step6Expand your search parameters. In this economic environment, financial services jobs are hard to come by. Consider working in related or complementary fields, else for a financial services firm but in a different capacity. Government regulation and oversight of financial services firms is increasing--you could apply to work for a government regulator or in the compliance division of a financial services company. See resource section below for SEC and Federal Reserve job sites.
Step7Evaluate your skill set. If you do not have the requisite education or work experience for a financial services job, consider taking courses and/or interning for free to gain the necessary skill set. Don't forget to update your resume or better yet, create a financial services-oriented resume, as you expand or adapt your skill set to the financial services job sector

Jobs in Banking and Finance

2009-02-23T05:32:00.000-08:00

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.

Banking Careers in 2009

2009-02-23T05:30:00.000-08:00

Choosing a Career in Banking
In today's world it is important to have a proper career choice to stick to with commitment, and a career in banking could prove to be very rewarding. Depending on your level of education, there are several different options in employment with banking.As of today there are about twenty four different positions one could apply to work for in a bank. Most of these positions require a high school diploma and college credits even at an entry level, but in the world of banking there is always a way to climb up that corporate ladder.You could be a teller. Bank tellers deal most with the public in a customer service type environment, so dressing for success and keeping a professional demeanor is paramount. Duties include cashing checks, making deposits and withdrawals, and even making loan payments for the customer. Since bank tellers spend the majority of their time crunching numbers and computing, skills in both math and computers are of high necessity. One could also find theirselves seeking a career in Customer Service or Sales. In a bank these people help make sure that the public is aware of all the incentives, or programs available from said banking facility. Excellent interpersonal skills is required for this option as it is required to spend a lot of time , hands-on with the customer to assist with all of their needs.If being a teller or a sales representative isn't what you're looking for, then perhaps a career as a Personal Banker would be more fitting. As a personal banker you are responsible for assisting customers in setting up accounts, paying loans, and other bank related services. Personal bankers also provide clerical duties, so proficiency in computers, and general bank knowledge is needed. Being a personal banker can be a more lucrative career than the other two previously mentioned options, as that is the level in which you begin to earn bonuses, for opening customer accounts, and other special tasks you may complete in the office.If you have experience in book-keeping or accounting, then you may want to try to get a job in the accounting department of most any banks. Job titles include Bankruptcy Specialist, Charge back Specialist, and Foreclosure Specialist, as well as a few other sub-titles such as Fraud Prevention, and ultimately, Bank Auditor. To be able to apply for any of these particular positions, one would have to possess excellent mathematical skills and administrative knowledge such as typing, spreadsheets, and other financially pertinent references. You will be responsible for monitoring accounts, and data, as well as assisting customers that are facing possible misfortunes like foreclosure, identity theft, credit card debt, and bankruptcy.These are all very lucrative, and bonus friendly positions in the banking world, but most do require a college education or at the least some form of verifiable training or knowledge.

Working in Finance with the credit crunch

2008-12-31T06:23:00.001-08:00

Jobs in Financial Services in 2008 and 2009
With today's economy it might seem that jobs in financial services will be harder to find in 2008 and 2009. But employment opportunities for finance professionals will likely be good, and the current business problems are part of the reason why. While banks and investment firms will be laying off employees during the remainder of 2008 and into 2009, others firms and government agencies are in need of skilled finance people to help them deal with today's complex problems. Finance professionals with specific technical skills are already in demand.Every organization that handles cash, extends credit, or prepares a budget needs finance professionals, and some employers are struggling to find people with the necessary skills. Employers need finance professionals knowledgeable in tax accounting and Sarbanes-Oxley to handle their rapidly evolving business needs. Cost accountants are sought after simply because the labor market has not produced enough experienced cost accountants to replace those leaving the field. Business changes are also creating job opportunities for those with general finance experience and for new graduates.Employers are looking for finance professionals with degrees and certifications. A bachelor's degree is the minimum educational requirement for most finance positions, but jobs are easier to get for those with advanced degrees. All things being equal, employers favor a job candidate with an MBA over one holding a bachelor's degree. For managerial positions a graduate degree is sometimes required.Employers also want Certified Public Accountants, or CPAs, which are in short supply. The number of people applying for CPA licenses has dropped sharply since most states instituted a 150 hour education rule, and now many areas are experiencing a shortage of CPAs. Certified Management Accountants, or CMAs, are becoming increasingly popular with employers. Unlike a CPA, a CMA focuses on management accounting, cost accounting, and decision support. Both certifications adhere to a strict code of ethics, which is attractive to employers. Relevant experience is important for those seeking jobs in financial services. Employers are looking for candidates who have demonstrated the ability to analyze financial information, answer management's questions, and make recommendations about the future value of alternate choices. They seek people who can show how they have cut costs, raised productivity, and improved the bottom line. Employment opportunities always exist for those who can demonstrate how they have made a significant positive impact on a firm.Employment opportunities in finance should remain favorable in these tough economic times. The current unemployment rate reflects a poor job market for unskilled and semi-skilled workers, but not so for professional workers. Finance professionals in particular enjoy an unemployment rate that is about half of the official average, and those with the right skills and experience are currently in demand.

How to sell

2008-12-04T06:12:00.001-08:00

How to sell anything, to anybody, anywhere at any price was the title of a talk given to me to deliver at the National Achievers conference in Kuala Lumpur and Singapore in 2001 in front of over 5,000 participants in each city.Although I was fortunate to share the stage with inspiring speakers like Robert Kiyosaki, I was the only speaker on sales.How to sell is one thing, but to how to sell anything, to anybody anywhere at any price is another. At least that is what I thought when the title was first given to me. However, the more I thought about it, the more I realized this topic, "ABC, 123 Sales Results System" covered all the bases.Let's first build a solid foundation for how to sell. How to sell starts with Attitude - a desire to want to sell, with a belief in yourself, that you can sell. How to sell requires you to believe in your organization, it value proposition, it's products and services and the supporting team players.When you believe, others will too. However, If you do not believe in yourself, your organization, it's products and services, the supporting team players, or the market, nor will the prospect. How to sell is based first on beliefs.Your beliefs is your foundation to how to sell successfully or not. Your beliefs determine your attitude. It is our attitude that determines how you feel. How we feel determines the actions you take. The actions you take determine your results.When it comes to how to sell, your beliefs lead the way. Your beliefs are under your control and only you can change them. As an adult you should be able to distinguish between what is real and what is not in your beliefs and clean them up. You need to get your beliefs up to a 10 if you want to succeed in life, not only in sales.The next step in how to sell is to ensure you demonstrate appropriate results oriented Behaviors. Behaviors are your daily habits. First do you have personal goals? If so, great as they are your guiding motivators when it comes to how to sell.If not, how can you ever achieve goals for others, if you first cannot achieve them for yourself. You cannot give something to somebody else if you do not have it to give away in the first place.When it comes to how to sell, our personal goals keep us focused, disciplined and motivated. Our corporate goals also keep us employed, focused, disciplines and motivated when it comes to how to sell.However, when it comes how to sell to the market place, our behavior for results has to be targeted. Targeted to markets and prospects that will give us the quickest market positioning, reputation and results, in the shortest time frame.In others words, how to sell requires you to do some homework and consider your return on time invested (R.O.T.I.). How, when and where can you maximize your R.O.T.I.?How to sell requires the right foundation as we have learned in Attitude and Behavior. How to sell also requires that you follow a sales results system, or sales process. This is referred to having the appropriate Competencies when you are face to face with a client.The Competencies that we are referring to here when it comes to how to sell are communication skills. The art of asking in depth questions and listening, while taking notes is fundamental when it comes to how to sell.With competent communication skills we can build rapport, develop trust and start a relationship. The first competency step in how to sell. How to sell requires that you also qualify the prospect. With trust you can proceed to set parameters, uncover buying motivators, financial ability, and decision making processes, qualifying the prospect.It is at the summary stage that you will know if you can help them with a solution or not. If not, let them know you cannot. If you can, proceed to prescribe them a solution. How to sell up until this point is all about building trust qualifying the prospect. That is the job of a real sales professional.Now take note that you are asking all the questions up until this point putting you in control of the sales process. That is how to sell. How to sell is not about telling - it is not about you, your company, products, services or solutions.How to sell professionally is about engaging the prospect into buying- it is all about them, their needs, their budget and their decision.

Marketing Manager in Financial Services

2008-12-03T01:14:00.001-08:00

Marketing plays an important role in almost every industry sector. In its simplest form, it is about ensuring that customers' needs are met whilst maximising the profits of a company. A marketing manager's responsibilities can vary enormously, but will always have this as a central objective.
Daily tasks and duties will depend on the company size, structure and industry sector but may include:
monitoring and analysing market trends
studying competitors' products and services
exploring ways of improving existing products and services, and increasing profitability
identifying target markets and developing strategies to communicate with them.
Most marketing managers work 37 hours a week, between the hours of 9am and 6pm. As with many jobs with tight deadlines, they may be expected to work additional hours at certain times to ensure that targets are met. Some positions may require a lot of travel, particularly when working for an international company.
Salaries can range from around £25,000 a year for someone new to the role, to £40,000 or more for a senior manager.
A marketing manager should:
have knowledge of a wide range of marketing techniques and concepts
be an excellent communicator
be able to respond well to pressure
think creatively
be interested in what motivates people
All industry sectors employ marketing managers. Jobs are generally concentrated around major cities such as London, Edinburgh, Birmingham and Liverpool. This is a popular area of work so competition can be intense.
There are no set entry routes, but marketing managers often progress into the role after gaining several years of marketing experience, possibly as an executive or assistant, or in a specialist role such as advertising or brand manager. Typically, employers look for graduates.
On-the-job training is complemented by professional marketing qualifications. These range from introductory certificates to advanced level qualifications.
A successful marketing manager may be able to progress to more senior posts such as marketing director or even managing director. It may be possible to work abroad.

Pensions Sales Advisor

2008-12-02T05:46:00.001-08:00

Pensions advisers and managers work with individuals and businesses on choosing and running pension schemes. They help people to make financial plans for their retirement. They also advise businesses on pension schemes for their employees.
Personal pensions advisers help individuals to choose the most appropriate scheme. They carry out financial forecasts, advise on pensions and adjust existing schemes.
Pension scheme advisers help businesses find the best scheme for their employees. They liaise with employers about the performance of company schemes, negotiate with other professionals, calculate the value of pension funds and issue statements.
Pensions managers oversee and train a team of advisers, ensuring that pension schemes operate effectively and correctly.
Pensions advisers and managers usually work 40 hours a week, Monday to Friday, but personal pension advisers may work evenings and weekends to fit in with clients. They are generally office-based but travel to see clients.
Salaries may range from £15,000 to over £65,000 a year, generally with performance-related bonuses on top.
A pensions adviser or manager should:
have good communication and numerical skills
enjoy working with people
be able to give impartial, unbiased advice
understand the relevant law
be interested in finance.
There are opportunities throughout the UK. Employers include banks, building societies, insurance companies and pension consultancies. There is keen competition for jobs.
While there are no set qualifications, degrees, HNCs/HNDs or BTEC qualifications in subjects like finance, accountancy or business management may be useful. Most pensions managers are graduates.
All pensions advisers and managers must gain professional qualifications before they can give advice. Entry requirements vary - some do not require academic qualifications. Pensions advice is often a second career.
Training is usually a combination of practical experience and professional qualifications, available from a range of professional bodies. They also do ongoing training to keep up with changes in the financial sector.
There are good opportunities for progression to more senior roles. Many advisers and managers become self-employed. Some people diversify into other areas of financial advice.

Insurance Sales

2008-12-02T05:45:00.000-08:00

Insurance business development managers are employed by insurance companies to build up business accounts through other agents. Their job is to promote their company's insurance products and key features, and encourage the agents to sell insurance to their customers or employees.
They try to attract new business, sometimes on a very large scale. A business development manager's work includes:
identifying new business opportunities
setting up meetings and preparing sales presentations to potential clients
telling agents about changes to products
setting up call centre support teams
tracking sales performance and profitability of accounts.
They usually work office hours, Monday to Friday. Although they generally have an office base, travel to visit clients is a big part of the job. Some cover a regional area. It is possible to work from home or work part time.
Salaries start from approximately £18,000, rising to £40,000 or more for senior business development managers.
Insurance business development managers need:
to know about insurance products and the industry
excellent communication skills
good organisational and negotiation skills
honesty and discretion
to be enterprising and show initiative
to enjoy meeting new people.
Most insurance companies, large and small, employ business development managers. There are job opportunities nationwide, giving insurers access to regional and national brokers. They are also employed by larger brokers to develop business accounts with corporate clients.
There are no formal entry requirements, but employers generally prefer some sales and insurance experience. Many people gain some experience in insurance before managing accounts, often as technicians or in marketing or sales support. Some large insurance companies take on graduates each year on a management programme.
Training is mainly on the job, though there may be in-house courses. Trainees also study for insurance qualifications. Mature applicants are welcome, and their previous experience may be useful.
Progress in their career often depends on how well their accounts do. They may move on to become a sales manager or area manager, or into senior management. Others move into related roles, such as marketing or training.

Tough work in finance

2008-11-08T06:45:00.000-08:00

Maybe it’s a side effect of skimming the New York Times and the Wall Street Journal every morning, but I’m starting to feel really bad for people who work in finance. Not all of them, of course; the ones who got us all into the mess we’re in deserve the scorn they’re receiving, along with some corporate alchemy (turning golden parachutes into lead). But banking and financial services are huge industries that everybody depends upon, and the worldwide ugliness we’re experiencing has got to be taking a heavy personal and professional toll on the folks who are left holding the bag.
Banks and investment groups are bigger brands today than ever before in history — though I can’t say I’ve done a whole lot of research to back that up — so whenever there’s news of a crisis or misstep, everything related to that brand takes a hit, and so does public confidence in general. The latest victims are in the Persian Gulf; Kuwait is planning a bank bailout, and Saudi Arabia is about to loan some $2.3 billion to low-income borrowers. (Link may require free registration.) Qatar’s stock market lost nearly 9 percent of its value yesterday. If you think they didn’t like the U.S. before, just wait — blame for the worldwide economic ugliness can be laid at our doorstep, and I’m sure some more fists will be shaken in our direction before this is over.
How do bankers and investment brokers deal with all this, and keep their customers from putting their money in the First National Bank of Mattress? you knew I’d work my way back to this … the answer is good CRM practices. The banking industry should be marketing the safest account options for individuals and businesses, and brokers should emphasize the securities that are the most, er, secure. They have to turn a profit, but the way to do this is to restore a feeling of confidence — relative to the rest of the world, if not absolute — that will encourage smart saving and sound investment. Account managers have to be even more consultative than usual, and make sure they’re selling a good solution for what the customer wants. If ever there was a time for long-term thinking, it’s now. Well-served customers are not only more likely to keep their business with you, but to keep their business — period. With financial uncertainty comes greater risk of failure, and any further mishandling at this point can destroy lives and livelihoods.
The need for good CRM is evident in any business when times are tight; financial services companies just have it harder right now because of the huge black eye they’re sporting. As with many shakeups in the past, the key is confidence. Panic leads to disaster, and FDR’s words have never rung more true: “The only thing we have to fear is fear itself.”

Insurance industry

2008-11-05T09:11:00.000-08:00

The Insurance IndustryThe insurance industry deals with indemnifying individuals against loss incurred. For the loss incurred to be indemnified, one needs to have an insurable interest and he/she must have paid their premiums. The insurance industry is divided into various segments including insurance agent, brokers and carriers. Insurance carriers are the principal organizations that undertake to indemnify the insured against losses incurred. Insurance agents and brokers place business with the insurance companies. The agents and brokers are independent entities. There are also other professionals involved in the insurance business, for example the loss adjustors. Insurance carriers develop the policy statements. They define the necessary conditions that are required before one gets insured. After signing the policy document the insured is required to pay premiums. The premiums form a pool which the insurance company invests in other sectors of the economy, such as real estate and bonds. In case the insured loss occurs the carrier might sell off part of the investments in order to indemnify the insured. Two different kinds of carriers exist; primary insurance carriers and the secondary carriers. The primary insurance carriers offer insurance services to individuals. Secondary insurance carriers offer insurance services to the insurance companies. It is a mandatory requirement that insurance companies cede a certain percentage of their business to reinsurance companies. Primary insurance carriers offer insurance products such as life insurance, disability insurance, property insurance as well as liability insurance cover. Homeowners’ policies as well as automotive insurance cover both property and liability. Group insurance is another insurance product offered by carriers. The group insurance product is offered to employers for their employees. Group insurance cover may also be offered to trade unions.

Jobs in Finance and Banking

2008-11-05T04:22:00.002-08:00

Jobs in the finance industry are diverse and far reaching. Banking jobs have long been viewed as dull and uninteresting but this could not be further from the truth. With roles in financial planning, investment banking and real estate to name but a few, career paths in the finance industry are plentiful.
Commercial banking jobs are wide ranging, they offer great entry level positions and good career progression. The many large organisations in commercial banking also offer good employment security. Commercial banks provide employ more people than any other sector of the finance industry, they offer good opportunities to understand the world of business and interact with customers.
The world of corporate finance is wholly different as it usually entails working 'in house' using your technical knowledge to plan for a businesses future, the work is driven towards the growth of the business. Fundamentally jobs in this sector of the banking industry create value for their company, they are predominantly performance related so subsequently can be high pressure, although this pressure is elongated and based upon long term goals.
Financial planners carry out similar tasks to those in the corporate sphere; these jobs however are focussed upon helping individuals plan for their future. The work requires outstanding interpersonal skills while it can be ultimately rewarding; both financially and personally. For this role understanding of estate planning issues, investments and taxes is a prerequisite.
The field of insurance also offers a variety of finance jobs; insurance is increasingly becoming a lucrative field as more and more people become dependent upon it. Jobs in this sector include calculating risk and anticipating future problems. Job roles include underwriter, customer and sales representative, as well as asset manager. Today the insurance industry is trying to leave its negative image in the past and promote the idea that their industry is there to help people in times of need.
Investment banking has long been seen as the most lucrative sector in the financial industry. The job includes purchasing assets, trade securities and offering financial assistance. As well as large multinational investment banking firms there are smaller companies that operate on a more regional level. These jobs are important to world finance as the work larger companies undertake is often for governments.
Being a money manager is one of the most rewarding jobs in banking. It fundamentally involves the investment side of the stock market. Dealing in stocks and bonds makes up the majority of the work although freedom to work how you like is a large constituent of these jobs.
Unfortunately starting in money management is difficult, top companies only hire experienced individuals, although experience can be gained with local pension fund companies and insurance companies. Understanding portfolio theory, fixed income investments and gaining official qualifications will assist in getting this type of finance job.
Finally there is the financial field of real estate, jobs in this sector are diverse and vary from construction to mortgage brokering and leasing. With over a third of the world's wealth tied up in real estate this is a financially rewarding sector to enter. The close ties real estate has with society in terms of infrastructure development gives these jobs a sense of social responsibility, while the work offers different challenges on a daily basis. Of all the jobs in banking this is often the most interesting field to enter.
As previously stated, jobs within the banking and financial industries vary greatly; with so many disparate fields there is much to offer prospective financiers. The skills needed in the banking industries are considerably unique to each field. However, if you feel you are shrewd with funds and in most cases great with people, working in the finance industry could be the career path for you.

Working in Finance

2008-11-05T04:22:00.001-08:00

In the UK financial sector, information technology has become the backbone. Information technology, or IT, has emerged as such an important part to any financial service provider’s success because of the need for information. Banks need to maintain updated information on their client’s accounts in order to keep their business and help them function on a daily basis. Financial advisors need to have the latest information on interest rates, accounts, and other factors which may affect their advice to clients. In the end, IT networks have become the single most powerful determinant of a firm’s success or failure in finance.
A vigourous IT network is not immune to the problems of the outside world. Networks can be hacked into or connected to malicious networks, which may be used to steal information or funds. IT security in the financial sector is crucial for a company that wants to maintain the highest standard of service to their customer. After all, it makes little sense to spend hundreds of thousands of pounds on new equipment only to have it broken into due to poor security. Identity theft and viruses alike can harm a firm’s efficiency and their trust in the community.
IT professionals who have an interest in security issues are benefiting greatly from the concern over identity theft. IT security jobs in the financial sector, not to mention other sectors, have become more important over the last five years. Essentially, IT security professionals assess the needs of their employer and determine the best course of action to ensure long term security. Simple solutions, like keyword protection and virus scans, are not so simple when they are multiplied by hundreds of computers. IT security professionals who take financial sector positions need to realise the issues that arise regularly in their job.
IT security threats are constantly changing, with new viruses emerging daily to replace ones that were eliminated by network security. IT professionals need to be on top of these new threats before they happen, a tricky proposition for even the best worker. However, security workers in the financial sector also need to consider the business aspect of their profession. IT departments in general, and security specifically, does not have an endless amount of funds to fight short and long term problems. While financial service firms are investing more heavily in IT security than ever before, it is still limited when compared to other departments. As such, IT security workers need to balance good solutions with budgetary concerns.

Working in Finance

2008-11-05T04:21:00.000-08:00

Financial Services offers a wealth of opportunities for graduates across a wide variety of different sub sectors from investment banking jobs to stockbroking jobs, investment management to insurance.
The insurance industry is one of the world's oldest financial services industries and in fact the number of insurance jobs is roughly one third the total number of financial services roles at any one time. Roles generally revolve around claims, underwriting, broking, accountancy, risk and compliance. And, as insurance employment is truly global, it's a sector which also offers opportunities to work overseas in places such as continental Europe, Bermuda, the Cayman Islands and the United States.
Investment banks raise funds and provide complex financing structures for commercial client activity as well as offering merger & acquisition advice, treasury dealing and securities trading. Investment banks tend to be huge entities with offices across the globe. Staff numbers often run into the thousands which in turn creates a vibrant job market. It's also possible to work for smaller, so called "boutique" investment banks which specialise more heavily around a particular area. Jobs in investment banking have traditionally been split out into three main areas, back office, middle office and front office. Jobs in the investment banking front office include sales and trading, equity research and corporate finance. Middle office roles include product control, financial control, risk and compliance. If the job is in an investment bank back office, it's likely you'll be working in operations and non-finance related roles such as human resources, marketing or secretarial/office support.
Private wealth managers help clients make informed decisions on where to invest their money by offering advice on tax, pensions, life assurance, asset management and estate planning. Private wealth management jobs therefore include all aspects of client relationship management from bringing in new business to devising the planning strategies behind a client's wealth. Private wealth management jobs can be found either in accountancy or law firms, boutique private wealth management firms, private banking arms of clearing banks, investment banks, stockbrokers and private client fund managers.
Stockbroking jobs are found mainly in investment banks but also within firms of brokers. In either case if you work in a stockbroking role you will advise clients on investment strategies, look at how much risk is involved and buy and sell securities on their clients' behalf. Many stockbroking jobs offer on the job training. However to progress , exams must be taken via the Securities and Investment Institute (SII) in order to become registered with the Financial Services Authority.
Considered the 'maverick' outsiders in the financial services world, most hedge fund companies are owned by successful former traders or fund managers who've decided to go it alone. There are many different types of job available in a hedge fund- these include:
a) Analysis: analysing the companies, markets and financial products a hedge fund invests in. b) Sales and marketing: the relationship managers who liaise with investors, and help sell the merits of the fund. c) Trading: executing the investment strategy, buying and selling financial products according to analysts' recommendations. d) Risk management and back office: settling trades, working out a hedge fund's risk exposure and making sure everything flows smoothly. In many small funds this is outsourced to 'prime brokerage' divisions in investment banks.
Investment managers or fund managers bear certain similarities to hedge funds. Essentially, investment management is the professional management of various securities (shares, bonds etc) assets (e.g. real estate), to meet specified investment goals for the benefit of the investors. Covering a wide range of specialist investment management jobs from portfolio administration, valuation, marketing, performance analysis and fund accounting through to fund manager's assistants, broker sales support and junior fund managers, the investment management sector offers some of the best job opportunities within fund managers, global custody houses and private banking companies across all product areas.