Increases in technology and automation have changed the nature of the work we do, replacing many manual labor jobs with computer-related occupations. As our values have shifted from production and manufacturing to technology and knowledge-based assignment, the careers people select have changed due to the changing needs of our society. In addition to technological changes, corporate restructuring and foreign trade affect employment. 
Employment opportunities continue to improve for new college graduates, especially in the financial services sector of the economy, according to Recruiting Trends 1996-97. Compiled by the Collegiate Employment Research Institute at Michigan State University, Recruiting Trends 1996-97 includes survey responses from 508 businesses, industries and government agencies that employ new college graduates. Overall, surveyed employers anticipate an increase of 6.2% in job prospects, thus sustaining a four-year trend of an expanding job market for new graduates. 

Employers characterized the overall job market for new college graduates in 1996-97 as being stronger than it was a year earlier, but the particular industries preferred by new graduates affects their job prospects. Financial services were among the industries reporting the best prospects. 

Size of the organization also influenced the job outlook for new college graduates. Favorable employment op-portunities were noted in small, mid-size and large organizations. The most favorable conditions are anticipated in organizations with one to 499 employees and in those with 1,000 to 4,999 employees. 

New graduates who have prepared themselves well through their college coursework will make a smooth transition from academia to industry. In general, graduates need clear career interests and outstanding preparation to lure prospective employers. According to the employers surveyed, graduates with unclear career goals, poor academic records and marginal work histories will discover that job hunting is more challenging and laborious than it is for those with clear goals. 

Several emerging trends have influenced the financial services industry. According to recent information from the Career Choices Center: The (financial services) industry is becoming increasingly global as advanced publications link the world's financial centers, transferring information and capital instantaneously among them. Financial institutions are expanding beyond their traditional roles, providing an ever increasing variety of investment and consulting services and blurring the distinctions between commercial and investment banking. The trend is toward institutions that provide a full range of financial services to their corporate and individual customers.  

The bulk of new job growth will occur in industries that provide services two of the services listed by the Bureau of Labor Statistics are finance and insurance. According to the Bureau of Labor Statistics home page, service-producing industries will account for virtually all of the job growth. BLS also reports that by the year 2005, services will be the largest and fastest growing major industrial sectors, and are projected to provide 15.5 million new wage and salary jobs more than three out of five new jobs emerging throughout the economy. 

The Bureau of Labor Statistics lists accountants and auditors among the fastest-growing occupations requiring a college degree or more education. According to Susan Camardo, writing in Peterson's Guides: Job Opportunities in Business 1996, By the year 2000, employment of economists is expected to be up 27 percent, as companies increasingly depend on sophisticated quantitative methods of analyzing business trends, forecasting sales, and planning purchasing and production . Changes in the regulation of the financial services industry will provide numerous opportunities for financial analysts, financial planners, insurance agents and underwriters, and securities and financial services representatives. 

An understanding of the variety of options in finance is an important first step when choosing a career. Those interested in pursuing a career in financial services are presented with a vast array of options. The financial industry can best be described as a multi-faceted business with thousands of niches. They include the following positions: 

• Accounting Officer 
• Auditor 
• Bank Economist 
• Branch Manager 
• City Clerk/ Treasurer 
• Computer Systems Analyst 
• Direct Placement Officer 
• Financial Analyst 
• Financial Manager 
• General Manager 
• Investment Manager 
• Lending Officer 
• Marketing Research Consultant 
• Operations Manager 
• Purchasing Agent 
• Stockbroker 

Stan Starnes, City President of Michigan National Bank in Lansing, Michigan, offers valuable advice for those considering careers in financial services. Starnes has gained expertise in the banking industry throughout his 20 years of service while rising through assignments of increasing responsibility to an upper middle management position. 

Starnes emphasizes that integrity is the key attribute for successful sales representatives. With the changing roles of banks, account representatives must be more resourceful and not expect to remain in the office very much. They have to go out and find customers; prospects and clients rarely come to them. Sales efforts are focused on calls and presentations throughout the community and rely heavily on effective marketing techniques. The ultimate role of the sales representative in the financial services industry is to help people solve their problems . 

Starnes explains how technology has affected the financial services industry. Computer literacy, including knowledge of word processing, graphic design and spreadsheets, is essential for anyone hoping to pursue a career in this industry. Sales representatives are often responsible for creating their own presentations and personalizing them for the prospects they are addressing. 

Other trends in the financial services industry include the declining number of banks as a result of corporate consolidation. Also, an increasing number of people are working out of their own homes and cars via the Internet, fax machines and cellular phones, thus further reducing time spent in the office. 

Stan Starnes advises college students to acquire career-related work experiences that will help them in their future careers. Jobs in the service sector and sales assignments will help students get used to dealing with the public and will provide practical opportunities for developing creative problem-solving skills. 

Most jobs in the financial services industry are geared to people with business degrees or meaningful business training. However, it is important to broaden your educational experience through classes in liberal arts subjects and computers. High grades are also important because of the current fierce competition among new college graduates. Organizational skills, drive and attentiveness to detail are key elements to be coupled with people skills. In order to advance past entry-level jobs in the financial industry, excellent writing and communication skills are musts. 

Starnes noted that a successful interview is essential to attaining a job offer in the industry. In a competitive market, a well-written resume is the first step. Preparation for the interview, however, is the most important step, and this point is too often overlooked by potential job candidates. He advises new graduates to read the annual reports of companies that interest them and memorize three or four key points to discuss in the interview. Ask questions specific to the job. These techniques demonstrate interest on the part of the candidate and are good practice for the preparation necessary when dealing with clients in the financial services industry. 

Patrick M. McQueen, Commissioner for the Financial Institutions Bureau of the State of Michigan, urges undergraduates considering careers in financial services to take classes in financing, accounting and economics. He also says marketing courses are becoming more important as the sales side of the financial services industry becomes more critical. McQueen emphasizes the importance of being able to read and interpret the Wall Street Journal daily. Also beneficial to undergraduates is summer employment or an internship in a financial institution. Students should start networking at least before graduation. 
Remember, the financial services industry is quite diverse, and so are the opportunities. Technology and its applications have completely redefined the delivery of the financial services to the end user. Geographic constraints no longer exist. 

McQueen suggests that you first determine your area of interest and attack it vigorously. Commercial lending, communication experts and computer technicians are all in extremely high demand. There is an over supply of traditional bankers and an under supply of nontraditional bankers as banking moves more toward the distribution of information and the greater use of technology. 

Lawrence Larry Jones, Director of Greater Michigan Commercial Financial Services of the Michigan National Bank in Farmington Hills, Michigan, indicates that banks with brick and mortar as we have known them in the past are being replaced by financial services institutions. Banks no longer monopolize banking services; other financial institutions are offering a wider variety of financial services. New graduates should not be looking for careers in banking, but should be seeking positions with financial services institutions. 
Services provided by banks and other financial institutions will be less costly and more customer-friendly in the future. More electronic services will be offered. Online services, Internet banking, telephone transactions and supermarket banking were examples cited by Mr. Jones. 

So, new graduates will need different skills to land jobs with financial services institutions. Most significant among the desired competencies will be computer literacy and electronic communication expertise. In addition, according to Jones, the old standards will apply to the changing work environment: the need for flexibility, willingness to work long hours, dedication and perseverance. Forward thinkers, individuals who can conceptualize and think out of the box, are also in demand. Employees who can imagine financial services offered with changes are winners. 

Sylvia Burrow, Human Resources Manager with EDS in the Accounting and Financial Development Program in Plano, Texas, offered some thoughts about new and emerging trends and technologies. She maintains that new graduates should be alerted to these currents if they expect to prepare themselves for careers in financial services. 
Graduates should strive to become effective, credible, overall business professionals, not just specialists or technicians, according to Burrow. She also suggests that new hires build strong relationships with the business units they are serving. They should provide their clients with insightful, innovative assistance when guiding them toward high quality business decisions. New hires must participate in the everyday business of their organizations and be willing leaders on business teams. In addition, new hires must be flexible and adaptable they may need to acquire new skills or relocate . 

Burrow confirmed the new global nature of business which promotes additional opportunities for those new bilingual hires (preferably those speaking Spanish, French, Mandarin Chinese, or German), or new hires who have traveled or studied abroad. Classes in international business are helpful too. And new graduates should learn to work and communicate on global teams (i.e. using the Internet and teleconferencing). 

Burrow verified the need to develop personal computer skills and to obtain MIS knowledge (how computers work, how they are designed, and how they are used). Information technology is changing the way business is conducted. 

Other than academic coursework and a degree, employers in the Recruiting Trends study suggested campus experiences as fundamental preparation for employment. Internships, cooperative education assignments, part-time work experiences and leadership roles in extra-curricular activities were identified as the most important. Employers value participation in clubs and student activities that promote academics and organizational skills. 

For college students interviewing with prospective employers and trying to determine their fit with an organization, employers suggested several factors for consideration. Students should ask questions about the organization's culture and structure, work environment, job responsibilities, trends of the industry and necessity for relocation. New college graduates should pay attention to interpersonal relationships of staff and communication among current employees, and determine whether their long-term career interests are compatible with the organization's plans. 

Other elements new graduates should act upon before accepting a position: Learn about the organizations' expectations that employees work long hours and weekends; read about the organization and its mission statement, commitment to people, human resource initiatives, geographical location of work facilities and the organization's customers. 

Bank One Corporation, Career Navigator One to One Home Page. May 1997, Bank One Corporation. 
http://www.bankone.com/jobs/prof/ 
Bureau of Labor Statistics web site. (27 July 1996). http://stats.bis.gov/pub/ news.release/ecopro.txt 
Burrow, Sylvia. Human Resources Manager, Accounting and Financial Development Program, EDS, Plano, Texas. Interviewed by Patrick Scheetz. 23 May, 1997 
Camardo, Susan. Preparing for Workplace 2000. Peterson's Guides: Job Opportunities in Business 1996. Princeton, NJ: 1996 
College Careers: Vocational Biogra-phies. Book Ten: Mathematics and Finance. Vocational Biographies Inc. Sulk Centre, MN. 1994. 
Jones, Lawrence. Director of Greater Michigan Commercial Financial Ser-vices of the Michigan National Bank. Interviewed by Patrick Scheetz 23 May, 1997. 
McQueen, Patrick. Commissioner of Financial Institutions Bureau of Michigan. Surveyed by Rebecca Gratz. 20 May, 1997. 
Ring, Trudy. Careers in Finance. VGM Career Horizons: Lincolnwood, IL. 1993 
Scheetz, L. Patrick. Recruiting Trends 1996-97. A National Study of Job Market Trends for New College Graduates Among 508 Businesses, Industries and Governmen-tal Agencies, 26th Edition. Collegiate Employment Research Inst-itute: Michigan State University: 1996. 
Scheppers, Lynn, ed. Money and Finance. Career Information Series. Target Media, Cincinnati, 1995. 
Starnes, Stan. City President of Michigan National Bank. Interviewed by Rebecca Gratz, 21 May, 1997. 
U.S. Department of Labor, Bureau of Labor Statistics. Employment Outlook: 1994-2005, Job 
Quality and Other Aspects of projected Employment Growth, Bulletin 2472. 
 

Rebecca Gratz is a graduate student at Michigan State University completing a master's degree in Labor and Industrial Relations and Human Resources.  She is a writer, editor, and research assistant for the Collegiate Employment Research Institute.