Where the Jobs Are For Women in Finance in 2008
Contributed by Gary M. Stern
If you listen to news reports about the subprime mortgage mess, you’d think the job market in finance is all gloom and doom. While opportunities in mortgages will be limited for some time, leading executive recruiters and career experts say that jobs are still out there for women in finance who possess the right skills and background. Here’s what financial insiders advise on where the job growth will be in 2008.
Opportunities in money and wealth management
Asked where the major opportunities are in 2008, Kim Bishop, a New York-based senior client partner at Korn/Ferry International, a global executive search firm, said that she’s seeing steady growth in wealth and money management firms. Firms are hiring in finance “across the board and that includes business development, client service, financial planners and advisors,” she said.
But a leading female executive recruiter of a boutique firm in New York who requested anonymity said, “The subprime crisis is affecting other areas. If financial buyers can’t finance acquisitions, the market will be slower.” She sees opportunities cropping up in the next six months but envisions a tight, challenging marketplace.
Dealmakers: please apply
Venture capital (VC) and private equity (PE) firms continue to offer opportunity, Bishop suggested. VC and PE firms seek women who have experience in “deal-making including initiating and executing deals” are in demand. Though several articles noted that private equity firms operate like men’s’ clubs, Bishop emphasized that these firms “are looking for the best talent in the world and will select whoever is best qualified,” gender not a factor.
Consider the overlooked businesses
Many women in finance gravitate toward investment banking and consulting as their major options because the pay is often quite lucrative. But insiders also recommend looking at insurance companies, which have ample opportunities in finance. Many insurance firms have specialties in investments, fixed income securities, real estate and equities, so opportunities are ripe. Similarly, finance companies such as GE Capital and CIT, which are also overlooked, also seek similar specialties.
Tax and audit skills still in demand
Sarbanes-Oxley requirements for public companies garnered considerable publicity several years ago, but the demand in jobs for women with accounting, finance, tax and audit skills remains steady. “For those who have expertise in Sarbanes-Oxley, it can be a difference maker,” Bishop noted.
Jobs go beyond financial services
Korn/Ferry International has also seen job growth in companies that specialize in technology, life sciences (bioengineering, biotech, pharmaceuticals), and consumer goods. “Anyone with skills in financial services can transfer them into being hired at these companies,” Bishop noted.
Think about transferring skills
One of Bishop’s main tips is avoid getting locked into pursuing jobs in narrow areas based on past experience and one’s job description. Think about how your job skills can transfer into other areas. For example, even a woman with a background in mortgage banking can position herself as having experience in client service, relationship building, or product banking. “Talk more about your skills and less about specific industries,” she advised.
Finally, job seekers who can differentiate themselves from their peers can also have a step up on finding a job. One recruiter noted that anyone who is fluent in Chinese could have a leg up on many jobs because of the increased trading with China. In addition, specializing in a geographic area like Latin America can also lead to securing a job at any level.
With these tips on where to find the top jobs in 2008, we hope that Glass Hammer readers will be ahead of the curve.
