The Finance Whisperer

Social Media in the Business World

Social media is no longer just used to stay in touch with old high school and college friends; it has become a mainstay in the business world.  The question is: how do you make social media most effective for your business.

Many companies have used Facebook, Twitter, and LinkedIn as a supplement to their current marketing efforts.  They have used social media to keep consumers informed, sell, and re-enforce their brands.  Some companies have even gone as far as to monitor social media platforms that track down any mention of their companies.  These efforts have led to increased feedback, as well as two-way conversations and mediation with disgruntled customers.

However, the effectiveness of social media in the business world seems most promising for those companies that have learned that social media is ideal for volleying new ideas back and forth and for feeding off other peoples’ innovative thoughts.  It has led to cutting-edge alterations and developments in the business world. 

One company that has taken advantage of the social media platform is IBM.  IBM created an internal social networking site called Beehive in 2007.  In just a few short years, the platform already maintains over 30,000 employees from around the world who have used the site to connect with other members, brainstorm, and gain professional guidance.

Taking the steps to leverage your social media networks can give you an edge over your competition.  These networks can lead to increased cooperation between employees, and as a result, increased productivity and creativity within your company.  Good luck! 

Top 5 Phone Apps for Finance

Everyone’s going mobile these days!  Here are some of the highest rated finance apps for the iPhone to help keep you on top of everything:

1.    Bloomberg Mobile
This free application provides real-time financial news, stock quotes, company descriptions, and market trend analysis.

2.    E*Trade Mobile Pro
This app is also free and allows you to trade anytime in any location.  You can securely buy, sell, and place stock and options orders in moments.  

3.    Mint
Mint gets high marks across the board for personal finance management.  This app lets you securely access your financial information at any time. 

4.    LoanShark
The LoanShark app lets you calculate and compare loans, including payment, interest rate, or amount.  Great app, but costs $4.99!

5.    Square
Square actually provides you with a card reader that accepts credit cards and cash on your iPhone.  It only costs 2.75% per swipe! 

4 Tips for Landing Your First Job in Finance

Fall is the biggest season for investment banking recruitment, so make sure you’re prepared for it!  Competition for entry-level investment banking jobs is going to be fierce this year, and it’s important to be familiar with the recruiting process.  Here are some tips to increase your chances of landing a fulltime job in finance:

1.    Don’t miss the on-campus info session.  No matter how boring and anonymous you feel, these sessions can only help.  If your name isn’t on the sign in sheet, hiring managers will undoubtedly take notice.   Information sessions can be one of your only opportunities to have face-to-face time with representatives from the firm early in the process.  Wear a suit to every session.

2.    Make sure you are fully prepared. In investment banking, you should expect as many as three on-campus interviews and, provided you pass those, more at the firm’s office.  Prepare for every interview as much as possible.  Practice problem sets and concept refreshers are beneficial. 

3.    If you are pursuing a liberal arts degree, balance it out.  Many banks value the skills that liberal arts students build; but you need to make sure you take a few core quantitative courses as well.  An internship in finance is also a major asset—and oftentimes even your ticket to a fulltime offer.

4.    Utilize your networks.  Networking is a major part of landing a job in finance.  Banks value verbal recommendations from people they know and trust.  If you don’t have a personal connection at a bank, tap into your school’s alumni network. 

Banking Sector in Asia Experiences Job Loss

Despite experts’ recent predictions that Asian banks would remain relatively unscathed by the global financial situation, it seems that more and more companies are experiencing job loss in the region.  According to a financial service headhunting firm in Mumbai, very few companies are hiring.  Investment banking seems to be one of the hardest teams hit with the firings, while brokerage units remain relatively intact.  Asia’s investment banking industry is primarily dependent on the equity capital markets, which make up about two-thirds of banks’ revenue in Asia.  While a few offerings have gone through, most deals have been put on hold or canceled entirely.  Singapore and Hong Kong are expected to be among the hardest Asian cities hit by the economic downturn.  Hopefully we’ll hear better news on this front in the coming weeks!

Interview Tips: Skype Interviews

Skype is becoming an increasingly popular medium for interviews—especially for college students.  Many recruiters find a Skype interview to be more personal than a phone interview, and you don’t even have to leave your campus to have one!  Here are 4 tips to help you have a great interview on Skype:

1.    Find a quiet location.  Background noises can distract or even annoy your interviewer.   You want to make sure you have the interviewer’s full attention, so lock the door, close the windows, and ask everyone you live with to keep quiet.

2.    Buy a good headset.  A headset allows for a more efficient interview process.  It also suggests that you are taking the interview seriously.

3.    Dress like you would at a face-to-face interview.  Dressing in business attire will help you look and feel more professional.

4.    Check that everything is working.  Before the interview, make sure that your system is working properly, including the video, audio, application, and even room lighting.

Social Media and Financial Advisory

Social media are no longer used strictly for social means; businesses are now using them to their advantage, and financial advisory firms are no exception.  More and more financial advisers across the country are admitting to employing social media for professional purposes.  They claim to have seen the following benefits from social media engagement:

1.    Better client relationships.  Facebook and Twitter can give you more insight into the lives of your clients.  You may find mutual interests or activities that can reshape an investment plan.  Plus, social media is a two-way street—your clients can learn more about you as well.  As a result, they may begin to place more trust in you as an adviser.

2.    Opportunities for industry leadership and networking.  Social media provide all sorts of opportunities to voice your professional opinion.    Becoming an online leader will give you instant credibility as a financial adviser.  You can also engage in discussions that may teach you a thing or two about your industry.

3.    Exposure to new clients.  Social media can be great venues for attracting a younger clientele.  The more you get your name out there, the more potential clients will think of you when the time comes for them to choose a financial adviser.  

An Increasing Battle for MBA Talent

When the financial crisis hit in 2007, many companies were subject to a hiring freeze.  Not only were entry-level candidates out of a job, but experienced MBA graduates as well.  The opportunity cost of an MBA degree had lost its value.  Thankfully for MBA grads beginning in 2010, the additional educational investment once again began to make difference. 

As we roll into the 2012 hiring season, the MBA job market is experiencing an even more robust increase in hiring.  MBA grads no longer have to go without a job or settle for second best; companies are back to fighting for the top MBA talent.  U.S. business schools across the nation have seen a 76% jump in on-campus recruiting activity from 2010 to 2011. 

After surveying approximately 13,000 companies across 6 continents in July, Antal, an international recruitment specialist, has translated this increase in recruiting to 52% of companies hiring.  This is up 2% from a few short months ago in February.  Top emerging markets are seeing an even greater jump in hiring.  70% of employers in Brazil are planning to hire MBA grads in the next 3 months, and in India, the figure is 80%.  Moreover, MBA grads who shy away from the ever-present consulting and finance firms can find work in a number of growing industries, such as technology, luxury goods, and energy. 

The question of whether to pursue a MBA degree or not has always been one that requires a lot of thought.  However, as a result of the increasing activity in the MBA market, the benefits are beginning to outweigh the costs once again.  Good luck!

CFOs Predict Increased Employment in the U.S. and Asia

According to a recent Duke/CFO Magazine Global Outlook Survey, chief financial officers project that U.S. employment will increase by 0.9% throughout the course of the next year.  This projection has only increased slightly from responses last quarter, in which CFOs predicted 0.7% growth.  Although this outcome would keep the unemployment rate above 9%, it would be a more positive outcome than that of European employment, which is expected to fall 0.5%. 

The most interesting finding from the survey, however, was CFOs’ projection that employment in Asia will grow by 7% this coming year.  The survey respondents included 996 CFOs from global private and public companies across a wide array of industries.  Survey experts explain that Asia has a very different mentality on employment at the moment; job growth in Asia seems relatively unaffected by the economic struggles in the U.S. and Europe. So if you’re thinking about relocating, consider a job in Asia!  There are all sorts of job opportunities to be found, from finance, to technology and beyond.

Four Pillars of a Successful Company

Today we face a constantly fluctuating economy.  We are no longer able to predict the stock market trends or the progress of our competition.  To help you to remain one step ahead of these uncertainties, we provide insight on how to be a successful company, despite the current economic conditions:

1. Hold Everyone Accountable

Everyone at the company should be held responsible for their actions, whether they’re a recruiter or a top-level executive.  This enforces the idea that everyone represents the image of the company.  Employees will no longer only evaluate their internal goals, but they will begin to understand that their actions impact the company as a whole, and most importantly, that their actions affect the company’s success with clients.

2. Invest In Your Employees

Success is no longer attained just by recruiting the right people.  Once new employees become part of the team, it is important to constantly invest in them.  Train them, motivate them, and develop a company-wide philosophy that promotes the flow of ideas and the opportunity for growth.

3. Metrics in Real-Time

Successful companies constantly track and measure metrics.  It allows company leaders to evaluate the performance of the company, employees, and the customers.  With these constant up-to-date insights, you are able to measure day-to-day activities, set goals, create motivation, and drive results.

4. Go Above and Beyond

Most companies aim to please the customer, but the company that goes “above and beyond,” will have the most success.  When working with your client: make sure you adapt to his or her particular needs, constantly gain feedback, and be willing to change a process that is not working well.  A few smart companies have even developed a client relationship department that takes the necessary steps to make sure the customer is happy.

Whether you are a start-up technology company or an established financial firm, these four pillars will lead you on your way to building a successful company.  Good luck in your future business endeavors!

Hope for the Job Market?

Despite all the pessimism surrounding the U.S. job market at the moment, this week does offer a couple rays of hope for improvement.  Firstly, a study released today by the Bureau of Labor determined that companies advertised more positions in July than they have advertised in 3 years!  Employers increased their job postings from 3.17 million in June to 3.23 million in July.  Many of these advertised positions are presumably still open, as it typically takes 1-3 months to fill an opening.  The majority of these job openings are in energy & utilities, manufacturing, trade, and transportation. 

Secondly, President Obama is scheduled to give his jobs speech tomorrow!  Here’s hoping for some new, innovative ideas.  Many economists agree that the best actions Washington can take to improve the job market are to extend the current payroll tax cut and long-term unemployment benefits.  But Obama will likely propose other initiatives for the $300 billion jobs package he is expected to introduce.  Supposedly Obama would like to increase spending on infrastructure programs, so as to create more jobs.  Stay tuned for more commentary after the speech tomorrow!