My senior year of college is rapidly coming to a close. With a major in business and concentrations in finance and real estate, my hunt for the perfect job is proving to be a daunting task. Coming from a "non-core" business school, my exposure to high finance has been difficult when it comes getting internships that showcase the road I would like to travel.
Don't count me as a pessimist, or someone who has a negative attitude about how I will never be good enough. Besides the first few blurry years of my college life as a fraternity man, I have worked very on average of 3 part time jobs ranging from picking up golf balls on the driving range, serving tables at a restaurant, and valeting cars. All of this hard work to pay off my bills and finance my trips as many financial districts I can.
So with that said, my real core experience in the professional world comes from interning with the Department of Insurance, working as an Analyst for CSU-Sacramento's Student Investment Fund, and competing in the CFA Institute Research Challenge. All of which are free labor.
But even with that, I have only received 3 phone calls back from the over 100 resumes I have already sent out to employers (Currently waiting to hear back from a phone interview)... crossing fingers.
So the question I ask: With the finance industry contracting, and the many new graduates entering the work force, how can one differentiate themselves from the rest of the pack?
I break it down into a few key components every student should keep in mind:
1. Get a internship: Even if it is filing papers at your local state investment office. Employers will see that you were willing to endure the unpaid/or underpaid work, and hopefully get some great recommendations out of it.
Also, work as many internships as you can. Having a summer internship every summer is a great resume booster and you will typically be hired on full time if you do a great job.
2. Extracurricular Activities: Get involved on campus. Join your local Financial Management Association (FMA) or school investment club. If you don't have one, start one! It's a great way to network with students, faculty and professionals. Also the school loves to hand out money to clubs! How do you think I went to New York last week on them?
3. Differentiate Yourself: Figure out what it is that you are good at or really enjoy. For example, if you are fascinated by trends in automobiles, such as electric vehicles, specialize in it. Start researching, follow the auto shows and magazines. Go to investors conferences to see what the new trends are.
It is amazing how many people I have met from doing just that. Also, when people in the industry notice that you are a student with a passion for what ever it is that they do, they are immediately intrigued and are more than willing to speak with you about it.
Once again, just another way to network and differentiate yourself.
4. Take the Bloomberg Assessment Test (BAT): The BAT is a standardized financial aptitude exam that was created by Bloomberg Institute. It is a online 3 hour multiple choice exam that tests individuals on the finance and career skills. Scores are released into a database where thousands of employers look to find candidates to hire into internships and full time positions in the financial service industry.
It is free to take and is offered around the globe to undergraduate and graduate students. Test locations are at Bloomberg LP offices and most universities. To find a location near you, register online at www.bloomberginstitute.com
I took this exam last month at my university and did not score near the highest, but it broke it down into 11 categories and was a great self assessment tool to see what my weaknesses were and how I ranked against over 30,000 students around the globe.
5. Find a mentor: When you decide what you want to specialize in, start looking for a mentor. Mentors provide a wealth of knowledge and experience that is unlike classroom experience.
Start emailing them weekly and meet them once or twice a month for coffee if they are willing to do it. Always have lots of questions ready for them and make sure to thank them for their time.
I am not an expert by any means, but from my time in college, this has been the advice I was given and lessons I've learned. I would recommend this path to new students looking to pursue a future career in finance.
As for now I am signing off so I can stop procrastinating on my business ethics paper that is due in less that 24 hours now.
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