Historical Newspapers of South Carolina

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Financial se for non-bus By College Press Service The field of financial services, including banking, accounting, investments and flno nc?lo 1 rAnciiltinr* tc 1 uiiaiiwa.1 Luiuuiuii^, w a iutile career ground to explore for new college grads. Surprisingly, you don't necessarily need a specialized degree or experience in the field to get started. Lots of companies hire recent graduates and give them the education and training to become professionals. Those who don't have business degrees ? especially liberal arts graduates ? should look for a company that offers a formal or onthe-job management training. Comoanies such as Arthur Anderson & Co., Ernst & Young, Goldman Sachs and a host of banks all over the country actively recruit recent graduates for their management programs. BUSINESS CONSULTING Headquartered in Chicago with offices in most major cities, Arthur Anderson & Co., an accounting and business consulting firm with 60,000 employees, spends $300 million annually on training programs. College graduates who are KirpH intr* rr*mnonv'c il 11 W VI 111 k V/ kliv VV/lll|/Ull^ L7 training program begin with a salary range of $25,000$30,000. But by earning CPA and MBA degrees while working through a combination of on-the-job training and classroom instruction, they can advance quickly to high paying positions, such as tax auditors, accountants and consultants. Bob Long, a 26-year-old senior consultant, was hired by Arthur Anderson right out of Williams College where he graduated with a history degree. Specializing in Anderson's investment clients, he works out of the company's offices in Zurich, Switzerland and earns $50,000-plus a year. Another giant accounting S> Vn..?n koo/l unit, initial u luuiig) utauquartered in New York with offices in 100 U.S. cities, hires recent college graduates who don't have business rvices good iiness gradu degrees and trains them to be audit and tax specialists and management consultants. According to spokeswoman f!athv Davies Salvatore, Ernst & Young employees are offered more than 250 continuing education courses each year. INVESTMENT BANKING Investment banking is another area of financial services that attracts young college graduates. If you land a 1 aU tifJi-K 1 fl ?**Y\ Cll ok n c juu w i in a 111 in 3utn a 3 Goldman Sachs, you won't have to worry about money, prestige, career growth or financial security. The firm is known for its training program for securities and investment analysts, who start at salaries in the mid-to-high 30s, plus bonuses, and progress eventually to become associates, vice presidents and partners, earning six figures. After completing the two-year training program, most ana lysts enroll in a prestigious business school and later return to the company. Again, technical expertise is not required to land such a job. According to one young liberal arts graduate who is now a vice president earning a six-figure income, job seekers must have good interpersonal skills and team-work orientation. CONSUMER BANKING First Union Corporation, the 16th largest bank holding corporation in the country, is a good example of the management training opportunities available in the banking industry. Essentially, First Union looks for leaders who are focused and outgoing. according to company recruiter John Fitzhugh, who says beginners can go into consumer or corporate banking areas. First Union's consumer banking associate program is a seven-month program that combines classroom instruction with on-the-job experience. Associates work closely with branch managers in credit decision making, customer relationships and personnel management. job source lates As a corporate banking associate you will complete a year-long stint that combines rlassrnom training inrlenen dent credit analysis assignments and on-the-job experience. Associates work one-onone with experienced bankers to develop financial skills and build strong men tor relationships with senior line bankers. They eventually become involved in the credit underwriting and approval process, commercial product training, business law and investment banking. MORTGAGE BANKING The hottest area in banking is home financing and first-time purchases, a result of some of the lowest interest rates in decades. Little, however, has been discussed about the tremendous impact this increased refinancing and lending activity has had on jobs in this sector, says Washington, D.C.based career expert Sheryl Silver. This is an employment growth area with no foreseeable end in sight. There is a direct correlation between the increase in refinancing and the demand for loan processors, although the greatest demand is for loan originators. "They're the people on the front lines," said Dave Westerman, who recruits mortgage professionals for signet bank in Baltimore. "They're out there daily meeting with realtors and individual borrowers." After three years, earning can average between $60,000 to $100,000 annually for loan originators. Coast Federal, one of the nation's largest savings institutions, headquartered in Los Angeles, offers recent college grads a training program called "MBA" ? Mortgage Banking Academy. MBA gives recently-hired loan officers thorough knowledge in loan sales. The program involves several weeks of demanding classroom training in Coast's lending process, products and regulations. i xtl #v<* y&at-y1 I flaroliiia UGfe; Dolly Lyn Justia "You're still going We love you and ^ Love, Mom, Dad I y\ ^ larolina Georgette Jones *1 T- 1 1 we love yuu uceaujx one of the best. Keep up the good w Love, Mom, Sister, Ken Roper Congratulations < We're proud to be 1 * ; strong." we're proud of you , Ivy, & Tess jS <ph / * r >y.. e you're ork! Uncles, & Grandma i ^ - WgK s . ind good luck! 5 your Mom & Dad i