Career in Finance, Part4

Career in Finance, part4

Career-services mavens say MBAs should try as best they can to focus their job searches on specific positions within a company -- a job in the corporate treasury department, say, or a position doing mergers and acquisitions at an investment bank. At the very least, deciding on an industry helps. "In a not-so-great economy, students' gut reaction is to take a scattershot approach to their job search" and apply to as many different jobs as possible with the hope of landing just one, says Julie Morton, career-services director at the University of Chicago.

"You shouldn't take that approach," advies Morton. "Companies more than ever are interested and able to select from people who are genuinely interested and passionate about what they do." Corporate recruiters say a very narrow search is more important for a second-year student, uwhile a first-year student who is seeking an internship has a little more leeway.

Students with no prior experience in the industry they're targeting will have an uphill climb in this economy. With jobs scarce, a known quantity with a proven record looks attractive to employers who can afford only a few hires. Still, career changers abound. "The issue is the student's ability to highlight transferable skills," says Morton. "We're still very open to looking at career changers in the first year," Bank of America's Beldicos says. But she adds: "It's almost essential for somebody in the second-year class who wants to pursue this industry to have some experience."

What courses should you take? There are no prescriptions, say recruiters. Practically speaking, since most companies recruit at a variety of B-schools, where each curriculum carries a different lineup of required courses and elective options, it doesn't make sense for them to demand that candidates have taken specific courses.

That said, having taken a variety of courses in finance, accounting, and economics demonstrates a commitment to the field and an ability to handle the concepts of finance. Plus, from a personal standpoint, taking electives can confirm or deny a hunch. For instance, say you loved a course about the derivatives markets -- you'll know exactly what to tell recruiters about your interest in that field. On the other hand, if you hated derivatives, perhaps you'll change your career focus to fixed income or equities.

Make friends with your professors, especially if you're targeting a hard-to-crack industry such as the hedge-fund business, where employers rarely participate in the MBA recruiting process. "Each year, I'll get calls or e-mails from people I know saying they're looking for somebody in a particular area, particularly on the private-equity side," says Chicago finance professor Steven Kaplan. "I try to send appropriate r?sum?s to the people who ask."