Have you ever considered looking beyond the financial markets to find a finance job? No? Well, you may want to think about this. While the financial sector is shrinking in the wake of the economic meltdown, continuing shocks to the financial system from the European sovereign crises, and a complete inability of Washington politicians to agree on anything, cash is piling up on Main Street.
Treasury Strategies, a Washington-based treasury consulting firm, says at the end of the third quarter corporate cash balances grew to $2.05 trillion - a 4.5 percent increase over last quarter. That is $648 billion more than the first quarter of 2009.
"Historically, corporations have not been comfortable holding so much cash. However, changes such as unlimited federal deposit insurance for noninterest bearing accounts are making treasurers much more comfortable holding onto large sums of cash - particularly when placed in the U.S. banking system," Anthony J. Carfang, a partner of Treasury Strategies, tells eFinancialCareers.
This cash accumulation is across the board. Many companies are using the cash to buy-back stock or raise dividends. But some are hiring.
Follow the Money
Just remember, companies that make something also have finance jobs. Just follow the money. That is, check the Web sites of publicly traded manufacturers with large piles of cash on their balance sheet. This information for publicly traded companies can be easily found on Yahoo or Google. Just go to the finance sites of those search engines, type in the name of the company and look at its financials. On Yahoo, it can be found under key statistics, which are the numbers used in this article.
Start with Microsoft, which has nearly $56 billion on its balance sheet and is looking for financial professionals in Kansas City, Mo., Bellevue and Redmond, Wa. Microsoft was also recently advertising for a chief of staff for the president of Microsoft Business Solutions, which it describes as the next multi-billion dollar business delivering dynamics CRM, ERP and Healthcare Solutions products. An MBA or advanced technology degree with business management experience is required.
Google is sitting on a $42 billion stash. Google was recently trying to fill a number of finance positions in its Mountain View, Ca. headquarters, including financial analyst for the emerging products team, a finance operations project and process analysts, and a renewable energy associate for its corporate finance department. It also needs a due diligence manager and a global finance lead for its small business solutions.
Toyota Motor Corporation (TN) needs tax and financial analysts in Los Angles, as well as accountants. It has accumulated $39 billion in cash.
Apple Inc. (AAPL), which is sitting on $26 billion, has posted a job for an "Order-to-Cash ("O2C") Subject Matter Expert to join the Global Finance Shared Services team based in Austin, Texas." It also has analyst positions in Cork and Singapore.
Gilead Sciences Inc. (GILD), has about $2.2 billion on its balance sheet. The biopharmaceutical company discovers, develops and commercializes therapeutics for the treatment of life threatening diseases, such as HIV/AIDS. It was recently looking for analysts and a manager for clinical contracts and finance in Foster City, Ca. and an associate director of finance in Stockley Park, KS.