The Finance Whisperer

Finding a Finance Job in 2012

2011 was a tough year for finance professionals—there were layoffs at virtually every major bank, bonuses came up short, and very few people saw raises.  HSBC and Bank of America are in the midst of cutting around 30,000 jobs globally, while other big names like JPMorgan, UBS, and Credit Suisse are laying off thousands more.  But believe it or not, financial institutions are in fact looking to hire in 2012.  Firms are looking to hire for accounting, wealth management, as well as emerging markets—especially in Asia.  In addition, financial regulation implemented in 2010 after Dodd-Frank has led to the need for more agencies to monitor financial institutions, and they will need more employees to do so.  While some analysts believe that this drop in hiring will continue on Wall Street, others claim that we will begin to see more finance jobs in 2012.  Perhaps the upcoming January unemployment report will shed some light on the future of Wall Street hiring in 2012!

Celebrities with Backgrounds in Finance

Who knew that beginning a career in finance could lead to such a variety of career paths!  Check out this list of celebrities who held jobs in financial services:

1. Whoopi Goldberg: Whoopi Goldberg held jobs as a bank teller, bricklayer, and even a cosmetologist at a mortuary before becoming the established icon she is today!

2. Ray Romano: Before his days as an actor, author, and comedian, Ray Romano studied to become an accountant.  He met his wife Anna working as a bank teller!

3. Erin Isabelle Burnett:  Current anchorwoman for CNN’s “Erin Burnett OutFront,” Burnett started as a financial analyst for Goldman Sachs in investment banking.  She worked in mergers and acquisitions, as well as corporate finance.

4. Shia Laboeuf: In fact Laboeuf’s interest in finance came after his acting career began.  He started trading stocks when filming “Wall Street 2: Money Never Sleeps,” and turned $20,000 into $489,000!

5. Martha Stewart: Stewart was a stock broker in New York City prior to fame and fortune.

6. Colonel Sanders: Before founding the renowned KFC, Colonel Sanders was an insurance salesman!

Click here to view the full list!

Top 5 Best Paying Companies

Looking to work at a top-paying company?  You may be surprised to learn who makes the list!  Check out the 5 best-paying companies in the U.S.:

 

1. Southern Ohio Medical Center

Best for: Physician

Average total pay: $490,647

 

2. Bingham McCutchen

Best for: Associate

Average total pay: $228,851

 

3. Alston & Bird

Best for: Associate

Average total pay: $201,233

 

4. Perkins Coie

Best for: Associate

Average total pay: $189,409

 

5. EOG Resources

Best for: Engineer

Average total pay: $188,663

 

Click here to view the full list!

Most Popular Majors for the Top 1%

There’s been a lot of publicity surrounding America’s wealthiest 1% these past few months, leading a lot of people to speculate as to how those people made it to the top.    According to the U.S. Census Bureau, there are several undergraduate majors that have the highest proportion of future one-percenters.  While your major is obviously not the only factor affecting your eventual affluence, it can certainly influence the direction in which you take your career.  Here are the top ten majors for the top 1 percent of the population and the corresponding percentage within that demographic (some of them may surprise you!):

1. Health and medical preparatory programs: 11.8%
2. Economics: 8.2%
3. Biochemical sciences: 7.2%
4. Zoology: 6.9%
5. Biology: 6.7%
6. International relations: 6.7%
7. Political science and government: 6.2%
8. Physiology: 6.0%
9. Art history and criticism: 5.9%
10. Chemistry: 5.7%

Dow and S&P Close at Their Highest Levels Since July

Today, both the Dow Jones industrial average and the S&P 500 closed at their highest levels since July—the Dow rose 70 points, and S&P added 11.  Economists claim that the increase can be attributed to the optimism surrounding Europe debt solutions and gains in global markets.  Bank of America led the charge, followed by Morgan Stanley and Goldman Sachs, among other financial stocks.  Analysts and traders believe it likely that this jump could spur more buying, though how much is still unclear.  Let’s hope for more positive trends to come in 2012!

December Unemployment Rate Drops to 8.5%

The national unemployment rate has decreased yet again!  According to the U.S. Department of Labor, the economy added 200,000 jobs in December, causing the unemployment rate to drop to 8.5% from 8.6% the previous month.   More specifically, private companies added 212,000 jobs and the public sector lost 12,000.  Including December, the unemployment rate has decreased for 15 consecutive months—since October 2010.   In addition, weekly jobless claims continue to decrease!   The job market is looking positive for 2012!

Morgan Stanley Announces Predictions for S&P 500 in 2012

Economists at Morgan Stanley announced this week that they believe the S&P 500 will dip 7% in 2012.  Some of the primary factors supporting this prediction are the ongoing European debt crisis, a global deceleration in gross domestic product, and weak earnings estimations for a number of major corporations.  Morgan Stanley’s forecasts are generally below consensus—particularly for materials, financials, and technology in 2012 and industrials, energy, materials, and financials in 2013.  However, Wall Street didn’t seem too deterred by Morgan Stanley’s pessimistic predictions—the market started off 2012 on a positive note!  Next on the agenda, December's unemployment figures...