Lay-offs are everywhere on Wall Street these days, but as long as there are banks, there will be bankers.So someone has to get hired right? We wanted to know who. The first year analyst will probably still have to come from the right school, be a well-rounded individual, and have stellar excel skills.
But obviously, not everyone is looking to be a first year analyst.
So we started digging around for job openings and looking for patterns. We also talked to Brin McCagg, the co-founder of OneWire, a start-up dedicated to connecting the right banker to the right bank.
What we found was that if you want to get in on Wall Street right now, the most important thing is having a deep knowledge about today’s growth industries. That means healthcare, for one.
As banks do more and more of their operations on complex computer programs, they need more and more people to make sure their technology is running smoothly. Firms have 'very large tech teams building trading systems,' said McCagg. 'There's growth there,' and all things considered this sector is 'comparatively robust.'
- BlackRock is looking for a 'Head of Technology Audit': This person will manage a team of techies that maintain BlackRock's computer systems, specifically those that monitor risk.
- JP Morgan is looking for an 'AVP, Associate, Investment Banking Technology': This person will be in charge of rolling out JP Morgan tech platforms in North America. They need experience in engineering, knowledge of financial computer systems, and an understanding of complex derivatives.
There's making money, and then there's keeping it. In today's crazy market, banks are looking for employees who know about wealth management and financial advising to keep their biggest clients happy.
- UBS is looking for a Wealth Management Consultant: UBS seems to be going through a transition to ramp up its U.S. wealth management branch. This person needs to know enough about the industry to help them do that.
- Citi is looking for a Citigold Relationship Manager: You need 7 years of experience working with high net-worth clients to nab this job with Citi's wealthy.
McCagg told us that as the government regulated non-bank financial companies, banks are going to want to know everything about how they work. That means knowing everything there is to know about insurance companies.
- PricewaterhouseCoopers is looking for a Senior Associate Adv Financial Systems Insurance - Policy Admin: This position combines an understanding of technology with deep knowledge of the insurance industry and government policy. This person would be designing and maintaining PwCs computer programs regarding insurance advising and industry monitoring.state farm
According to McCagg, a lot of banks are hiring veterans for a variety of reasons -- goodwill, government pressure and simply because they make disciplined employees. U.S. Bank, for one, has publicized that it wants to hire more vets.
- Look around bank websites and see if they've published any information about supporting veterans.
- Check out HireVeterans.com and search for financial services jobs.
- There are a bunch of lists that detail who hired veterans. Go through and look for the banks (Barclays is one, BlackRock is another).
We here at Business Insider have pointed out that, throughout the recession, the health care industry has stayed comparatively robust. It's where the money is, so Wall Street will want to be there too. If you're a health care professional with deep knowledge of how the industry works, brush up on your excel and consider a career change.
- Pricewaterhouse Cooper is looking for an Audit Manager - Health Industries: You need a CPA or 'related equivalent' for this one, but PwC is putting a high emphasis on industry knowledge for this position and they say they're looking to expand this branch of their company.
- And remember that time UBS had to back down after trying to sue Jefferies for poaching members of its health care team? Well it happened.