Microsoft Word - Finance

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Microsoft Word - Finance

  1. 1. Finance “Finance is the art of passing currency from hand to hand until it finally disappears.” ~Robert W. Sarnoff The complex world of finance can be defined in a variety of ways ranging from the study of money and other assets, to the science of managing money, or even from profiling and managing project risks, to the management and control of assets, or to the delivering of financial services. With a finance major you can study topics such as commercial and investment banking, forecasting and budgeting, and asset and liability management. You will learn a lot about money, stocks and bonds, and how the market functions. What Can I Do With This Major? Areas Employers Corporate and Public Finance Financial Analysis Private businesses of all sizes and types Cash and Credit Management State and local government entities Budget Analysis Schools and universities Investment Management Federal agencies Banking Corporate Credit Analysis Commercial banks Commercial Lending Credit unions Branch Management Regulatory agencies Insurance Claims Analysis Life insurance firms Risk Management Commercial banks Sales Savings banks Personal Financial Planning Sales Brokerage firms Customer Service Trust companies Portfolio Management Financial partnerships Sole practitioners Investment Banking Corporate Financial Analysis Investment banking firms Venture Capital Fund Management Financial services firms *Please visit our website for a complete listing at: www.business.wayne.edu/majors Wayne State University | School of Business Administration | Career Planning and Placement Office | 5201 Cass Avenue, 103 Prentis Building | Detroit, MI 48202 | 313-577-4781 | bizcareers@wayne.edu
  2. 2. Specialist Areas The following list contains a representative sample of specialist areas and job titles of former graduates with a finance degree. Use this as an idea list, and remember that it represents some, but certainly not all, of the careers you might consider with a finance degree. For all of the positions listed, it is highly recommended that you obtain a finance internship while you are still enrolled as a student. Some specialist areas listed require education beyond a bachelor’s degree. • Corporate Finance • Financial Planning • Investment Banking • Money Management Related Career Titles Listed below are samples of career titles, descriptions, and average salaries that finance graduates may pursue. According to the latest National Association of Colleges and Employers (NACE) salary report, the average national salary for finance majors obtaining their undergraduate degree is $48,616**. Use the following list as a national representative sample when researching for your career. Job Title: Budget Analyst Job Description: Manages the inputs of budgets, various projects, data collection, and writing and editing reports. Develops, analyzes, and executes budgets that are used to assess future financial needs. Average Starting Salary*: Less than one year of experience: $41,290 1-4 years of experience: $47,055 Job Title: Credit Analyst Job Description: Conducts financial statement reviews for loan officers, as well as comprehensive statement spreading. Assists loan reviews and external auditors. Average Starting Salary*: Less than one year of experience: $36,308 1-4 years of experience: $40,593 Wayne State University | School of Business Administration | Career Planning and Placement Office | 5201 Cass Avenue, 103 Prentis Building | Detroit, MI 48202 | 313-577-4781 | bizcareers@wayne.edu
  3. 3. Related Career Titles (cont.) Job Title: Financial Analyst Job Description: Participates in and coordinates the design, testing, implementation, and evaluation of automated and manual financial accounting systems. Complies with accounting policies and procedures, and understands the operation of existing accounting systems. Average Starting Salary*: Less than one year of experience: $44,962 1-4 years of experience: $49,069 Job Title: Financial Planner Job Description: Develops and implements financial plans for individuals, businesses, and organizations by using knowledge of tax and investment strategies, securities, insurance, pension plans, and real estate Average Starting Salary*: Less than one year of experience: $40,374 1-4 years of experience: $43,711 Job Title: Stockbroker Job Description: Invests in securities, money and various financial products on behalf of institutional, corporate and private clients. Offers recommendations on buying and selling stocks based on analysts’ interpretations of financial market. Average Starting Salary*: Less than one year of experience: $31,185 1-4 years of experience: $40,048 Job Title: Securities Analyst Job Description: Conducts research on organizations within a specific industry in order to make investment strategy recommendations Average Starting Salary*: Less than one year of experience: $50,684 1-4 years of experience: $50,892 Job Title: Investment Banker Job Description: Advises clients on high level issues of financial organization. Manages the issuance of bonds, recommends and executes strategies for taking over and merging with other companies, and handles selling a company’s stock to the public. Average Starting Salary*: Less than one year or experience: $59,104 1-4 years of experience: $60,693 **Giordani, Pattie. NACE Salary Survey. NACE. Bethlehem, PA. 2008. *All average salaries are National Averages. 2008. The PayScale Report. Retrieved May, 20, 2008, from http://www.payscale.com/index/US/Job Wayne State University | School of Business Administration | Career Planning and Placement Office | 5201 Cass Avenue, 103 Prentis Building | Detroit, MI 48202 | 313-577-4781 | bizcareers@wayne.edu
  4. 4. Top Paying States for Financial Analysts State Employment Hourly Annual Percent of mean mean State wage wage employment New York 36,690 $48.24 $100,350 0.431% Connecticut 5,970 $47.35 $98,490 0.355% California 24,630 $43.32 $90,110 0.162% Massachusetts 12,830 $42.86 $89,150 0.400% New Jersey 8,910 $42.85 $89,120 0.224% US Department of Labor: Occupational Outlook Handbook. Retrieved, May 23, 2008, from www.data.bls.gov Related Web Sites Related Web Sites Job Listings: Wayne Biz MonsterTRAK www.waynebizcareers.com www.monstertrak.com Wayne State University School of Business MonsterTRAK is a great way to post your Administration (SBA) Career Planning and resume on one of the internet’s most Placement Office online recruiting system, recognized websites exclusive to business students and SBA alumni. To get access to our system, visit Bank Jobs the Career Planning and Placement Office, www.jobinthemoney.com or go directly to the WayneBizCareers Bank Jobs is a professional finance job website search engine. Provides career information and recruits employees for financial Financial Job Network institutions. www.financialjobs.com Financial Job Network provides a job Robert Half International Staffing search engine for job seekers in the field of www.roberthalf.com finance and accounting Robert Half recruits employees with backgrounds in accounting and finance. Nation Job This site provides a free job search with www.nationjob.com/financial online help from professionals who have Nation Job provides an online job search knowledge in finance and accounting. engine for job seekers. Allows job seekers to post their resume and apply for jobs Finance Professional Worldwide online. www.fjn.com Financial Job Network is an online source that provides job opportunities for finance professionals worldwide Wayne State University | School of Business Administration | Career Planning and Placement Office | 5201 Cass Avenue, 103 Prentis Building | Detroit, MI 48202 | 313-577-4781 | bizcareers@wayne.edu
  5. 5. Related Web Sites Career Planning & Information: www.careers-in-finance.com Finance career information in commercial banking, corporate finance, financial planning, insurance, investment banking, money management, and real estate www.careermag.com Career Magazine provides industry specific career channels with information tailored to suit specific career goals www.saludos.com/cguide/bguide.html#finplanners Saludos specializes in joining the Spanish/English bilingual professional with companies looking for diversity in the workplace www.careerbank.com Career Bank is a career center for the accounting, finance, mortgage, insurance and banking community www.stats.bls.gov/oco/ocos003.htm Occupational Outlook Handbook: Budget Analysts Organizations and Associations: American Association of Finance and Financial Managers Society Accounting www.fmsinc.org/ www.aafa.com Financial Managers Society is devoted American Association of Finance and to the needs of finance & accounting Accounting specializes in the recruiting professionals from financial institutions and staffing of finance and accounting professionals Wayne State University | School of Business Administration | Career Planning and Placement Office | 5201 Cass Avenue, 103 Prentis Building | Detroit, MI 48202 | 313-577-4781 | bizcareers@wayne.edu
  6. 6. Related Web Sites National Employer Information: Merrill Lynch www.ml.com Merrill Lynch is a national investment bank. It offers capital market services, investment banking and advisory services, wealth management, investment management, insurance, banking, and related services on a global basis Smith Barney www.smithbarney.com Smith Barney is a financial firm that provides brokerage, investment banking and assets management services to corporations, governments, and individuals Goldman Sachs www2.goldmansachs.com Goldman Sachs is a global investment banking company that provides services in investment banking, trading and principal investments, assets management, and securities services JP Morgan www.jpmorgan.com JP Morgan is a company that focuses on capital markets and investment in a variety of other fields such as equities, fixed income, real estate, hedge funds, and private equity and liquidity Wachovia Corporation www.wachovia.com Wachovia provides personal financial services in investment, insurance, banking, lending, and retirement For more information on finance careers please stop by the School of Business Administration Career Planning and Placement Office during business hours. Wayne State University | School of Business Administration | Career Planning and Placement Office | 5201 Cass Avenue, 103 Prentis Building | Detroit, MI 48202 | 313-577-4781 | bizcareers@wayne.edu
  7. 7. Major Banks, Thrifts and Credit Unions in Metro Detroit Company Name Address, Phone, Website 2600 W. Big Beaver Rd. Bank of America Troy, MI 48084 (800)643-9600 www.lasallebank.com 900 Towers Drive, Suite 100, Flint, MI 48908 Citizens Republic Bancorp (248) 293-3050 www.citizensbanking.com 500 Woodward Ave., Detroit, MI 48226 Comerica Bank (248) 371-5000 www.comerica.com 120 N. Main Community Central Bank Corp. Mount Clemens, MI 48043 (586) 783-4500 www.communitycentralbank.com 1360 Porter St. Dearborn Bancorp Inc. Dearborn, MI 48304 (313) 565-5700 1000 Town Center Southfield, MI 48075 Fifth Third Bank- Eastern MI (877) 579-5353 www.53.com 16100 East Nine Mile Road Eastpointe, MI 48021 First State Financial Corp. (586) 755-5000 www.thefsb.com 5151 Corporate Dr. Troy, MI 48098 Flagstar Bancorp Inc. (248)312-2000 www.flagstar.com Wayne State University | School of Business Administration | Career Planning and Placement Office | 5201 Cass Avenue, 103 Prentis Building | Detroit, MI 48202 | 313-577-4781 | bizcareers@wayne.edu
  8. 8. 101 E. Grand River Ave. FNBH Bancorp Inc. Howell, MI 48843 (517) 546-3150 www.fnbsite.com 24725 W. 12 Mile Road Southfield, MI 48034 Franklin Bank (248) 358-5170 www.franklinbank.com 801 W. Big Beaver Road Troy, MI 48084 Huntington National Bank (248) 296-2307 www.huntington.com 201 W. Big Beaver Road, Suite 125 Troy, MI 48038 Independent Bank East Michigan (248) 689-1200 www.independentbank.com 755 W. Big Beaver Road Troy, MI 48084 National City-Southeast MI (888) 622-4932 www.nationalcity.com 10 W. Long Lake Road Northern Trust Bank Bloomfield Hills, MI 48304 (248) 593-9300 60 S. Washington St., Oxford, MI 48371 Oxford Bank Corp. (248) 628-2533 www.oxfordbank.com 1800 E. 12 Mile Road Madison Heights, MI 48071 PSB Group Inc. (248) 548-2900 www.psbnetbank.com 1 Towne Square, Suite 1700 Southfield, MI 48076 Sterling Bank & Trust (248) 355-2400 www.sterlingbank.com Wayne State University | School of Business Administration | Career Planning and Placement Office | 5201 Cass Avenue, 103 Prentis Building | Detroit, MI 48202 | 313-577-4781 | bizcareers@wayne.edu
  9. 9. 17440 College Parkway Livonia, MI 48152 TCF National Bank Michigan (734) 542-2900 www.tcfbank.com 38505 Woodward, Suite 1300 The Private Bank Bloomfield Hills, 48304 (248) 644-2301 38880 Garfield Road Clinton Township, 48084 Warren Bank (586) 416-1650 www.warrenbank.com Wayne State University | School of Business Administration | Career Planning and Placement Office | 5201 Cass Avenue, 103 Prentis Building | Detroit, MI 48202 | 313-577-4781 | bizcareers@wayne.edu

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