Transcript Document
Minnesota Center for Financial and Actuarial Mathematics
MCFAM
Career Advancement Services
Laurie Derechin, Executive Director MCFAM
8-31-2010
MCFAM Career Advancement Services
• Career path development process begins your first year
Career coaching meetings
Workshops/Events
• We strongly encourage you to participate in the career
advancement program within MCFAM
You cannot receive career support services if you do not
participate
• To sign up for MCFAM Career Services:
Sign up sheet to meet with Laurie Derechin; or email Laurie
Today’s Agenda
• Career Development Planning
First Step: Assessment exercises
Who are you? Personal characteristics, skills, values
What did you learn about your career interests from this?
• Steps/Resources MCFAM Career Advancement Services
• 2010 and Beyond Career Landscape
Job climate
US Opportunities
Salary Ranges - US
Global Opportunities
Career Development Planning: Assessment
• For successful career/job search, know your:
Core Personality Characteristics
Core Skills
Core Values
•Once you know more about yourself easier to:
Define career path(what type of job/what type of company)
Target prospective employers
Write your resume/cover letters
Prepare for job interviews
• John Holland PhD; Theory of Career Choice
“Discover who you are, what your skills & values are, find a career
that fits you”
Career Development Planning: Assessment
• Holland Personality Types
R - Realistic: mechanical know-how, stamina to work
outdoors, likes working with things and tools
I - Investigative: explores ideas and analyzes; inquisitive,
precise, abstract thinker; likes working with data and ideas
A - Artistic: skill in music, art and/or communications;
values aesthetic qualities and relates to world through their
medium (music, architecture)
Career Development Planning: Assessment
• Holland Personality Types (continued)
S - Social: enjoys helping others and the community;
sensitive to others’ needs; cheerful, scholarly and verbal
E - Enterprising: likes to persuade and influence others
in areas of business or politics; self confident, social;
skilled at leadership and public speaking
C - Conventional: likes an organized and detailed workplace;
skilled in finance, mathematics; likes working with data; views self as
practical and organized
Career Development Planning:
4 Assessment Exercises
Take 30 minutes to complete the following assessments
Be honest with yourself – but don’t overthink it!
• Core Personality Characteristics
• Core Skills Inventory
• Core Values Assessment
• Understanding your Career Interests
Career Development Assessment
Putting it all Together
Developing your Holland Code
• At bottom of form:
Mark down first letter of occupational theme that best describes your personality
(R=Realistic, I=Investigative, etc.)
Mark down first letter of second highest theme
Mark down first letter of third highest theme
String them together to get your Holland Code:
For example, if your interests rank in the order of 1) Artistic, 2)
Investigative, and 3) Social, your Holland code would be AIS.
Career Development Planning:
Group Exercise/Next Steps
• Get to you know your Classmates
Split into 8 groups and compare your notes
Did you find out anything surprising?
Does it give you any clues about what you want to do in your career?
Keep this worksheet; bring it to your first career coaching meeting
with Laurie
• Next Steps
Briefly jot down your top 7 peak accomplishments (work,
school, personal). Bring with you to first meeting with Laurie
Main Steps
MCFAM Career Advancement Program
We’ll work these steps throughout MFM/FQF program:
•
•
•
•
•
•
Assessment
Identify Career/Job Type(s) that interest you
Learn More about selected career area(s)
Develop Resume
Target Companies where you would like to work
Prepare for Interviews
Variety of Resources/Experiences
MCFAM Career Advancement Program
Many Ways to Get Exposure, Experience, Support:
•
•
•
•
•
On-going Career Coaching Meetings – Laurie
Quarterly Workshops on Career Development
Friday MFM Seminar (watch schedule)
U of MN CSE Career Center & Center for Writing
Professional & Student Association participation (PRMIA, FMA,
IAFE)
• Institute for Mathematics and its Applications (IMA)
www.ima.umn.edu
• Internships/Job Fairs
• Extracurricular experiences/leadership opportunities
2010 and Beyond Career Landscape
Overall Job Climate Finance: Better than 2009!!!
• Increasing entry level jobs “investor infrastructure”
Customer Service and Sales functions for Hedge Fund Investors
• Increasing opportunities in Risk Management:
Market, credit, investor, M&A, regulatory & operational risk mgt.
Risk management and Compliance Functions merging:
Now risk management very strategic
“Chief executive officers now sleep a little better at night knowing
that they have a seasoned executive "waking up every morning"
thinking about the myriad of risks that affect the firm”
Michael Woodrow
Risk Talent Associates LLC
2010 and Beyond Career Landscape
Global Opportunities
• Not only US market
China, Singapore, London, Dubai Very Hot Emerging Markets
If you are at the entry level, great place to start your career
Hedge and Equity funds
Trading
Risk Management
Financial Modeling and Quantitative Roles
• MCFAM to explore international placement
opportunities for MFM/FQF in addition to US jobs
Stay Tuned…………
2010 and Beyond Career Landscape
2010 Compensation Surveys – Risk Talent Executive Search
•
Total Risk Professional comp. in capital markets increased by 3% vs. 2009
Returned to 2003-04 levels after 12 % decline in 2007-08
Between 2008-09, salaries grew by 2% and bonuses by 4%
•
Rebound strongest for Junior and Mid Level Risk Managers
Title
Total
Comp
Total Comp
Analyst/
Associate
$116,000
$120, 704
Sr.
Associate
$138, 000
$167,300
2010 and Beyond Career Landscape
2010 Compensation Surveys Association for Finance Professionals
• Average salary increase for finance professionals 2.5%
13% higher than national average
Salaries vary by region of US
Title
Base
Salary
2009
Base Salary
2010
Financial
Analyst
$64,900
$66,400
Sr. Financial
Analyst
$81,800
$84,000
2010 and Beyond Career Landscape
• Learn About Different Job Types:
Online Professional Association Websites
Read various job descriptions in “Jobs” sections
PRMIA Professional Risk Management International Association
IAFE International Association of Financial Engineers
FPA Finance Professionals Association
Many More!!!
• We Have Just Begun to Explore the Landscape!!!
Email Laurie [email protected] to set up career
coaching session(s)