Finance

Invest In Yourself

Finance is a field centered on numbers! As such, anyone exploring this area as a career path, should first have some quantitative ability and interest. Other relevant skills/abilities include:

• Curiosity for how markets are made
• Understanding financial concepts (eg. profits, expenditures, assets, mergers, etc.) that increases with experience/exposure to the field
• Communication and ability to work in diverse teams
• Project Leadership
• Comfort with quick mental math
• Time management and delegation
• Resourcefulness and comfort with calculated risk
• Attention to detail
• Self-motivation and ability to thrive in competition
• Calculations and formulas in Excel

Depending on your degree, many of these skills may be developed in the classroom. However, there are ways to educate yourself on these skills and topics if you’re passionate about the work. 

Linkedin Learning is available to all UofM students and is a great way to learn about the industry and find courses with practical skill building in things like excel.

Coursera also offers classes that you can complete to enhance your attractiveness as a candidate when applying.

There are also great ways to learn these skills while you’re on campus! Consider joining a student org that shares your passion for the finance industry. Or if you’re already participating in a club, even better. It doesn’t even have to be finance related. Offer to help handle the finances for your club, money and budgets operate the same for Michigan Ski and Snowboard Club, Backpacking Club, or an Investing Club!

Micro-Internships

• Parker Dewey: Engage in short-term, paid, professional assignments through Parker Dewey's micro-internships. These projects allow you to apply classroom knowledge to real-world challenges and build relevant experience in your field. Note: If you are an international student, it is likely that you will need some type of work authorization. Please visit the International Center to see if you are qualified for OPT/CPT before starting the internship

Virtual Work Experience

• The Forage: Participate in free, virtual work experience programs offered by leading companies. These experiences are designed to simulate real-world tasks and help you understand daily activities in a variety of finance roles. 

Connect With Professionals

A referral from a contact goes a long way when looking for a job. Utilize the groups you have been contributing to on LinkedIn as one valuable referral source.

Networking Resources on the University Career Center website:

• Campus Resources
  
  • UCAN (University Career Alumni Network) -- Search and connect with U-M who have volunteered to chat with U-M students about all things career-related!
  • Ready to explore your interest in finance further? Classes with a focus on math, statistics, accounting, economics, and other quantitative concepts are a great place to start. You may also consider doing some personal investing to better understand the markets.
  • There are many student organizations on campus with finance as a focus. Below are some groups you may consider joining. See Maize Pages for a complete list of UM student organizations:
    
    • Michigan Business Club (MBC)
    • Michigan Economics Society
    • Michigan Alternative Investments
    • Michigan Interactive Investments
    • Michigan Commodities Group
    • Hail Investment Group
    • Business Professionals of America
    • Black Business Undergraduate Society
    • Apex Trading Group
    • Diversified Investment Group
    • Global Investments Club
    • Wolverine Capital Investments
• LinkedIn Groups
  
  • LinkedIn Groups - Beyond just joining LinkedIn, groups are a great way to expand one's network, contribute to a community, and get questions answered.  Check out these groups geared toward Finance.  See what the members are doing, participate in discussions, uncover resources, and even ask your questions.
• Professional Associations
  
  • Want to know more about the "big picture" of the finance industry, what issues are trending, where and how people do their work in this field? Professional associations offer great insight.
    
    • Association for Financial Professionals
    • Society of Financial Service Professionals
    • American Bankers Association
    • National Bankers Association
    • National Organization of Investment Professionals
    • Managed Funds Association

It is helpful to remember that finance is both a function and an industry and a financial position need not only be set on Wall Street.  When exploring positions, also consider the organization’s size and setting.

An entry level role in finance is most often referred to simply as a “Analyst.” Other entry level titles include:

• Cost Analyst/Consultant
• Portfolio/Fund/Asset Manager
• Financial Sales/Planner
• Retail, Commercial, Corporate, or Investment Banker
• Trader/Junior Trader/Trader Trainee
• Junior Risk Analyst
• Sales Strategist
• Wealth Management Advisor
• Business Development Associate

 Launch Your Job or Internship Search

While early experience is key in any industry, an internship in finance is essential for those hoping to land an offer upon graduation. Internships are the primary pipeline for full time employment, especially at large banks.  Financial recruitment happens almost simultaneously with the start of the fall term.  Firms traditionally give full time offers to their preferred intern candidates prior to the start of the fall term.  

Start early - in the year and in your time as a student

If you are a first or second year student, attending information sessions hosted by companies on campus (listed on Handshake) will acquaint yourself with the financial recruiting process. Dress for these events is business casual. Come prepared to introduce yourself to company reps and learn about their hiring needs. Be on the lookout: some sessions are focused specifically on underclassmen. Large banks often also have programs targeting first and second year students which might be described as “exploration” or “first look” weekends. Many firms are increasingly open to sophomore interns.

Juniors and seniors planning to engage in on-campus recruiting should start preparing during the prior summer. Use the time to engage with professionals, know more about the industry and the role you see yourself playing. Practice interview questions, be aware of early deadlines, and know which companies are coming when.

Condensed hiring cycle

For some students it can feel like all the financial companies come in the same 4 week period of the fall term. And this is somewhat true! Organizations are aware of their peers’ presence on campus and do what they can to gain a competitive advantage on candidates. Most banks will host several on-campus events, a first-round on-campus interview, and final rounds on-site at their office. These finals rounds are often referred to as “Super Days’ where top candidates are flown out to be considered for positions.

On-campus vs. off-campus hiring cycles

While on-campus recruiting plays a heavy role in hiring for the financial industry, it is important to remember this still represents only a fraction of the available positions in this sector. Small firms without the staff to travel to campus may hire on a more as-needed basis. Networking and leveraging connections from prior internships can be especially important for students looking to work for organizations with less structured hiring cycles.

Sample Timeline (designed to help you get started, please research the firms you’re interested in to create a precise timeline!) :

• Freshman Fall - Attend career fairs and connect with different firms to get an idea of what function might interest you
• Freshman Winter - Seek out a summer internship. This internship may not be a formal program with a financial services firm, but you may think about reaching out to alumni, small businesses, or other opportunities that will help you gain tangible job experience
• Freshman Summer - In the middle of freshman summer, applications will become open for sophomore summer opportunities! Make sure you are aware of when those applications become available
• Sophomore Fall - Apply to exploratory programs at firms that are of interest to you in preparation for junior summer recruitment. Reach out to alumni and other professionals to set up coffee chats. These chats are a way for you to learn more about the industry as well as that professional’s personal experience with the firm
• Sophomore Winter - Apply for Junior summer internships! This is your opportunity to put all of your preparation, coffee chats, and past experiences to action. Applications become available in January and most firms will conclude their interview process by March. Some firms have rolling applications, so submit your materials as soon as you are able
• Junior Fall - Look towards full-time opportunities. Some students may choose to return to the firm they’ve interned with, and other students may choose to pivot to a different firm or division. Once you determine your trajectory, take the necessary steps to secure a full-time position. 

Note: While the timeline provided serves as a helpful roadmap for those eager to kickstart their finance careers, it's crucial to remember that success in finance knows no strict schedule. Each individual's journey is as unique as their skills and aspirations. Continue to stay connected with professionals and engaged in your coursework even after securing your job offers. This will ensure that you put your best foot forward to begin your career and have help along the way!

The Job Market Is Open!

There are so many places you can look for jobs, sometimes it can feel overwhelming. While we always recommend using Handshake to find jobs specifically posted for Michigan Students, below are some industry sources to check out as well!

• American Accounting Association - https://careercenter.aaahq.org/
• Association for Financial Professionals - https://www.afponline.org/
• Association of Chartered Certified Accountants (ACCA) - https://jobs.accaglobal.com/jobs/
• CalCPA - http://www.calcpa.org/classifieds/
• eFinancial Careers - https://www.efinancialcareers.com/
• Financial Job Bank - https://www.financialjobbank.com/
• Financial Jobs Web - https://www.financialjobsweb.com/jobs/state/california/
• FinTech Fans - https://fintechfans.com/
• iHireAccounting - https://www.ihireaccounting.com/
• One Wire - https://www.onewire.com/
• Robert Half Staffing Solutions - https://www.roberthalf.com/us/en/find-jobs

The Interview

Interviewing in any industry can be intimidating, but finance has a reputation for being notoriously difficult. Expect to see behavioral questions to test your experience and soft skills that will translate to the role, as well as the potential for technical interviews to assess your hard skills necessary to succeed. These could be in separate interviews or blend together depending on the firm. Just remember that once you’ve made it to this stage they believe you could be qualified for the role, so enter with confidence and don’t be afraid to brag about your accomplishments. The most important aspect of any interview is to establish a strong motivation where you will share your interest in the industry as well as why that specific firm and/or position stood out to you when you were applying. 

Interview Resources: When preparing for an interview, the UCC would be happy to help you prepare with a mock behavioral interview, however because we aren’t experts in the technical aspects of finance, here are some resources that will help you prepare for technical questions: 

• Wall Street Prep:  Includes an abundance of both free and paid content aimed to help students learn finance concepts. Their resources include certifications, instructor-led virtual boot camps, as well as self-study materials. 

The 400 Investment Banking Interview Questions & Answers You Need to Know: This collection of 400-question survey topics in accounting, discounted cash flows, as well as leveraged buyouts. Studying this guide will help you understand all of the possible interview questions, but understanding everything in this guide is not necessary for introductory-level finance interviews..

Finance is a fast paced, constantly evolving industry that incorporates market information that is available to us in real time. One of the best ways to become knowledgeable about finance is to keep current on financial news and current events. Make sure to add a few of these titles to your regular reading list:

• The Economist
• The Wall Street Journal
• The Morning Brew
• Bloomberg
• Investopedia