If you’re desperate for work, stop looking on Wall Street. Try knocking on the door of your local Fortune 500 – they’re equally as desperate to hire.
Roughly 40% of financial executives say they are either “barely able” or “unable” to keep up with the demand for talent, despite expanding their recruiting strategies, according to a new study from Deloitte’s consulting unit. Before you get carried away assuming corporations are looking to hire every CFA, CPA and controller under the sun, know this: it’s not the lack of supply that’s haunting companies – it’s the quality, or lack thereof, that is the problem.
As we reported earlier this month, mid-size and Fortune 500 companies no longer have room for socially-awkward bean counters anymore. Roles in financial departments have changed from scorekeepers to partners. CFOs want candidates who can effectively communicate strategy and analysis to senior leadership and investors, and they’re not finding them, at least not from within the organization. Just 40% of C-level executives say they find highly skilled finance leaders from internal talent pools.
The problem doesn’t seem to sit entirely with the employees. Corporations have done a woeful job of developing programs aimed at improving their employees’ communication skills. They’re equally bad at making finance appear to be an attractive career option, even though the roles have become much more dynamic and, frankly, interesting.
The end result: one-third of companies surveyed say talent management is their top concern in their overall finance strategy. That’s a huge number. So if you’ve got skills and can speak to your boss without staring at your shoes, someone wants you.
Networking Dos and Don’ts (eFinancialCareers)
Many of the most prestigious, best paying jobs on Wall Street aren’t posted, making networking an absolutely critical skillset. Here are the five dos and dont’s of finding a job that’s off the beaten path.
Now You’re In Trouble (WSJ)
Bloomberg’s penchant for snooping on its technology customers to break stories did more than anger banking customers. The New York Attorney General’s office is now reportedly looking into the matter.
Switching Sides Pays (NY Times)
Want to make more than $5 million a year? Go work for the SEC, then quit to take a post at a law firm that represents the very banks your former agency oversees, just like Robert Khuzami just did.
Sluggish M&A Market (Seeking Alpha)
"It looks to us like a decelerating (M&A) market," Citigroup’s Mark Shafir said on Wednesday. An ominous comment if you’re an M&A banker at Citi.
Charges Pending (TIME)
Barring any last minute settlement, prosecutors are expected to press criminal charges against SAC Capital Advisors over alleged insider trading. Don’t hold your breath for that settlement.
Changing of the Guard (Financial News)
William Sonneborn, the head of private equity giant KKR’s credit business, is stepping down. The 43-year-old will be replaced by Craig Farr, KKR’s capital markets business chief.
Help Wanted (DealBook)
Mark McCombe, BlackRock’s top man in Asia, was approached by the Royal Bank of Scotland about their CEO vacancy. He said thanks, but no thanks.
Buzz Around the Office
True Royalty (NY Daily News)
The world has understandably been waiting on pins and needles this week for the birth of a historically significant figure. That’s right: the Zonkey. A hybrid zebra/donkey. Enjoy.
List of the Day: Bad Habits
Finding success at work often depends on avoiding bad habits. Here are a few to steer clear of.
- Worrying about things you can’t control.
- Letting the Internet distract you.
- Badmouthing coworkers.
(Source: AOL Jobs)