JPMorganChase announced it will complete hiring 10,000 new employees by the end of 2010.
That’s good news from JPMorganChase. Jobs in financial services tend to pay better than other sectors. Moreover, they can lead to quick upward mobility. The clerical becomes a trader. The trader becomes an investment banker, The investment banker becomes the chief executive officer. In addition, this hiring trend could signal that Wall Street is in a recovery mode after its crash, which, some contend, helped generate the global downturn.
JPMorganChase balances this good news with the reality that, reports Kyle Stock in Fins Finance, the “bank shelled out 9 percent less in compensation, which comprised a measly 28 percent of total revenue… the industry typically shovels almost half of every dollar to its staff.”
How to get a job in the financial sector? Answer: differently than in other industries.
Often you don’t need a very specific background to match what the position will demand. Those who once worked there, ranging from Lawrence McDonald to Michael Lewis, point out that personality traits tend to trump experience and skills. Those include the ability to fit into the organizational culture, high energy, and love of money.
If you are determined to get in, try applying to lots of different firms since they tend to have unique cultures. For example, Bear Stearns had been a hustler’s kind of place and Salomon Brothers white shoe. Most, however, respect push.
Therefore, you can be direct in asking those you contact how you could position and package yourself to be hired. The most common way in is through sales. There are frequently ads on online job boards for training programs for financial planners. While training, simultaneously you will have to prepare for licensing examinations such as Series 6. Once you are licensed, you might say that you got your ticket punched for diverse kinds of opportunities in financial services.
By Jane Genova