Traditionally, recent first-degree graduates are hired into a two-year program with the option for a third year (most employees upon completion of the program attend business school to obtain an MBA) as a financial analyst or a business analyst (management consulting). Most people (who return to investment banking after obtaining their MBA degrees are hired as associates and remain in this position for approximately three years and, depending on their success, are promoted to vice president, principal, managing director and/or partner. For management consulting, the normal progression after business school starts with being hired as an associate and progressing to team manager and partner. 

For African Americans majoring in one of the academic disciplines within financial services, job opportunities have increased since the early 80s with many firms developing and implementing diversity programs. However, there are still disparities in the number of African Americans in these highly competitive positions. African Americans represent fewer than one in ten (6.6%) of the securities professionals in New York, according to the Equal Employment Opportunity Commission. In addition, only 4% of officials and managers in financial services are African American, compared with 5.5% in all businesses, according to the U.S. Equal Employment Opportunity Commission. 

To prepare for a career in the financial services industry, as juniors and seniors, you should (1) visit your career services and planning office to learn more about job opportunities, (2) take accounting classes in financial statement analysis,. (3) take a variety of finance courses, (4) maintain a GPA of 3.0 and above, (5) create a solid resume that identifies your technical and analytical skills, (6) read various business publications to increase your knowledge of the industry, (7) contact recent alumni in the industry for an information session, and (8) obtain an internship in the industry by contacting alumni, various firms or through internship programs. In order to increase the presence of African Americans in the industry there are a few internship programs specifically designed to place undergraduates into financial services internships, thus increasing their exposure to the industry before the actual job search begins in the senior year. Consult your career placement office. 

Investment banking and management consulting.  

In 1997, an internship program out of New York offered internship opportunities to 216 African- American students, representing over 80 colleges and universities. Placement such as this dispels the myth that African Americans in financial services are difficult to find. Each year the number of job offers accepted continues to increase with approximately 75% of all interns returning as full-time employees of their various sponsoring firms, thereby increasing the number of African Americans employed in financial services industries, especially those based in New York City. 

Accounting 

Entry-level accountants should seek positions at either private or public accounting firms. Entry-level professionals at public accounting firms work as full members of auditing teams of five to ten professionals on client engagements. Those at private firms work in either the internal audit division, the comptroller's office or on the staff of the chief financial officer at an investment-banking firm. 

Charles Brooks, a Wall Street accountant, is now a senior accountant with Nomura Securities, one of the world's largest securities firm. For his first four years he worked in reconciliation and bookkeeping. Entry-level accountants are likely to work in reconciliation. Wall Street, he says, is white-male dominated. Accountants just out of college are likely to be unprepared to deal with office politics on Wall Street. The transition from college to Wall Street may prove to be a real battle of wills when you face people involved in office politics. Come well prepared in accounting. Study hard; work hard. Keep a cool head and stay away from reactionary behavior. And remember, you are an accountant hired to do a job. Ultimately, regardless of what goes on in the office, you are responsible for your own success.   

Asset Management 

Because of the recent explosion in innovative products and services available to investors and the heightened need for asset management, many new positions in asset management are available for graduates. Entry-level asset managers should know the processes that result in the trends that move markets. 

Investment Banking 

Entry-level investment bankers work in one of the business lines that include corporate finance (generalist), mergers and acquisitions, municipal finance, real estate or an industry specialty group such as transportation. Some entry-level investment bankers may be assigned to work in sales and trading or research positions. Assignments can include financial modeling, comparative analyses, drafting marketing materials, conducting market research and compiling material for presentations. Consumer marketing is an important part of the banking industry. Consumer marketing graduates are in great demand. 

Management Consulting 

Entry-level management consultants may be assigned to short and long-term projects and engaged in research for presentations, data analysis, number crunching and preparation of presentation documents. They interact with clients and travel to client offices to conduct on-site analysis. Management consultants help with the nuts-and-bolts of how to do everything from pulling off corporate mergers to turning around companies that are heading nowhere. Expert consultants often know so much about the companies they advise that they often leave the consulting business for boardrooms of the companies they once advised. More than 100,000 people are now consultants, many of them from their fax machines at home. 

Financial Analyst 

Financial analysts are professionals who look at a variety of financial indicators to determine the market worth of companies or to determine what's causing financial trouble in a company. They look for cash flow and market position. Financial analysts who work for financial advisory services groups, such as Ernst & Young, are usually exposed to greater varieties of assignments and problems than those financial services experts, who work for typical commercial or investment banks. Financial analysts are in demand now, because of so many corporate mergers.  

Salaries for entry-level positions in the financial services industry are in the high-30s to low-40s.