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 yearCareer coaching meetings Workshops/Events

• We strongly encourage you to participate in the career advancement program within MCFAMYou 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 LandscapeJob climateUS OpportunitiesSalary 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 assessmentsBe 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

ProgramWe’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

ProgramMany 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

Salary2009

Base Salary2010

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 WebsitesRead 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 lderechi@umn.edu to set up

career coaching session(s)