The Finance Whisperer

New Lottery Winners: 3 Wealth Managers?

When the winning numbers were announced for the Connecticut Lottery for the $254.2 million jackpot—the largest sum ever in the state—everyone waited to hear which individual with a heartwarming, underdog story would become an overnight millionaire.   No one ever expected three wealth managers from Greenwich, Connecticut to win—including the three men themselves!  The trio purchased the $1 ticket at gas station in Stamford, and now they have the winnings of the 12^th largest jackpot in Powerball history!  They are all employed at Belpointe Asset Management and have created a trust, called Putnam Avenue Family Trust, to take the large sum.  They maintain that a “significant amount” will go to charity.  When asked to comment on the win, lottery chairman Frank Farricker stated, “the fact of the matter is: Everyone is equal when they play.”

Great News for Job Seekers!

The holiday season is looking promising for job seekers!  According to the U.S. Bureau of Labor, the number of jobless claims dropped by 5,000 last week to 388,000.  While it is unclear whether or not companies are increasing hiring, they are at least decreasing the rate at which they let employees go.  Based on this report, some economists anticipate a November unemployment rate below 9%!  An expert economist at Barclays Capital, Michael Gapen, asserts that the recent improvement in jobless claims has helped the country return to rates before the toughest point of the year—when claims hit as high as 440,000.  So far, jobless claims have decreased for three consecutive weeks…Let’s hope we can keep it going!

First Social Media ETF is Launched

Yesterday marked the launch of Global X Social Media, first exchange-traded fund (ETF) seeking to replicate the performance of social media stocks.  The ETF follows 25 different stocks, including a number of recent tech IPOs such as LinkedIn, Pandora, and Groupon.  While this initiative will offer great insight into the industry in general, it’s notable that neither Facebook nor Twitter will be tracked, as they are still private companies.  As a result, 37% of the fund’s weighting is currently in Chinese companies, such as Sina Corp and Tencent Holdings.  This percentage is considerably higher than that of U.S. stocks, which make up 26% of the fund.  The rest of the stocks come from companies in Japan, Russia, Germany, India, as well as Taiwan, Italy, and the UK.  Hopefully we’ll see some more tech IPOs soon so that we can capture even more valuable information on the industry!

How to Prepare for Salary Negotiation

Salary negotiation is a difficult task to be sure—but career coaches agree it’s a necessary endeavor, even in a tough economy.  Before heading into the conversation however, it’s important to collect information on compensation.  Fortunately, there are a number of ways you can going about doing so.  Job sites likes Salary.com, Payscale.com, and Glassdoor.com report salary information by way of employee surveys, employer surveys, and job postings.  You can even type a position title and the word “compensation” into a search engine and find helpful results! 

You should also consult your peers and connections to learn industry salary standards, as well as industry-specific negotiation tactics.  When talking to people in your industry, career experts recommend avoiding questions that are too personal.  Rather, ask what they think the salary range is for someone coming into that position.  This indirect approach takes the pressure off your colleagues, who may feel uncomfortable sharing their own salary.  While salary negotiation is important, make sure you don’t jump into it prematurely—you should wait until you’ve been offered the job before you express any dissatisfaction.    

Finance Sector Looking to Employ Veterans

Happy Veterans Day! While the unemployment rate for post-9/11 veterans has unfortunately been high in past years, it seems the finance sector is looking to do something about it.  Citigroup, for one, recently announced that they hired almost 300 veterans in the past three months, in addition to the 150 veterans hired earlier this year.  Citigroup is part of the group Veterans on Wall Street—an initiative dedicated to honoring and employing former members of the military.  Other participating companies include Bank of America, Credit Suisse, Deutsche Bank, and Goldman Sachs.  JPMorgan is also planning to host a job fair in Tempe, Arizona, targeted primarily towards veterans. 

Many financial firms believe that veterans make great employees because of their strong teamwork and leadership skills.  Veterans generally also have a strong work ethic and are able to handle high-stress environments.  According to Jeff Cathey, the head of military banking at Bank of America, “People come out of the armed services with an enormous variety of skills, from leadership training to cybersecurity to finance…they tend to thrive in a pay-for-performance environment.  You can’t overtask them.” So if you served in the military and are looking for a job, consider working in finance!

Employers Speak Out: College Degrees in High Demand

As 2011 draws to a close and the 2012 hiring season comes in at full force, many college seniors and recent graduates will begin to wonder: will my degree help me get a job?

To answer this question, NACE, the National Associate of Colleges and Employers, conducted a survey to determine which college degrees are most in demand for the 2012 hiring season.  Two hundred and forty four companies were surveyed, including big names such as Ernest & Young, KPMG, Proctor & Gamble, DuPont, and Entergy.

They found that Business, Engineering, and Computer Science are the most sought after diplomas.  This trifecta is followed in consecutive order by General Sciences, Liberal Arts, Communications, and Agriculture & Natural Resources. 

When taking a closer look at the rankings, not surprisingly, the top two Business majors are Accounting and Finance.  After breaking down the hierarchy of the Liberal Arts degree, however, the rankings may be slightly more unpredictable: Political Science/Government is at the top, followed by Psychology, English, Sociology, and History.

Although hiring varies for each college degree, the survey indicates that companies are in fact starting to hire again!  Compared to 2011, 9.5% more college grads will be hired in 2012, with the majority of the recruiting during the fall season.  Happy job hunting!

More Job Opportunities for College Grads

Are you a recent or future college graduate looking to work in finance, consulting, or consumer products?  You may be in luck!  A growing number of companies in these industries have begun to hire more young employees than they traditionally have.  This shift in hiring comes at the expense of MBA candidates, who are more expensive and less trainable.  Companies are looking for ways to cut costs, and younger talent is often willing to work for half as much as MBA graduates.  In addition, undergraduates are typically more receptive to heavy training, compared to MBA graduates who already have perceptions about the industry.  As a result, many companies are choosing to promote entry-level employees to fill positions that were once reserved for business school grads.  So if you're looking for your first job, consider entering one of these industries!  You may find yourself on the fast track to a great career.