Banking on technology

Black Collegian, Oct 1997 by Scheetz, L Patrick, Gratz, Rebecca

Supermarket check-out lanes are controlled by computers and bar codes, banking can be accomplished over the Internet, and worldwide financial transactions can be completed almost instantaneously. Just decades ago, this was science fiction fare. However, we have witnessed evidence of technology and automation that has changed the world of business. As we embark upon the next millennium, we will continue to notice drastic changes and growth opportunities for jobs in financial services.

Increases in technology and j: automation have changed the nature of the svo rk we do, replacing many manual labor jobs with computerrelated occupations. As our values have shifted from production and manufacturing to technology and knowledgebased assignment, the careers people select have changed due to the changing needs of our society. In addition to technological changes, corporate restructuring and foreign trade affect employment.

Employment opportunities continue to improve for new college graduates, especially in the financial services sector of the economy, according to Recruiting Trends 1996-97. Compiled by the Collegiate Employment Research Institute at Michigan State University, Recruiting Trends 1996-97 includes survey responses from 508 businesses, industries and government agencies that employ new college graduates. Overall, surveyed employers anticipate an increase of 6.2% in job prospects, thus sustaining a four-year trend of an expanding job market for new graduates.

Employers characterized the overall job market for new college graduates in 1996-97 as being stronger than it was a year earlier, but the particular industries preferred by new graduates affects their job prospects. Financial services were among the industries reporting the best prospects.

Size of the organization also influenced the job outlook for new college graduates. Favorable employment opportunities were noted in small, mid-size and large organizations. The most favorable conditions are anticipated in organizations with one to 499 employees and in those with 1,000 to 4,999 employees.

New graduates who have prepared themselves well through their college coursework will make a smooth transition from academia to industry. In general, graduates need clear career interests and outstanding preparation to lure prospective employers. According to the employers surveyed, graduates with unclear career goals, poor academic records and marginal work histories will discover that job hunting is more challenging and laborious than it is for those with clear goals.

Several emerging trends have influenced the financial services industry. According to recent information from the Career Choices Center: "The (financial services) industry is becoming increasingly global as advanced publications link the world's financial centers, transferring information and capital instantaneously among them. Financial institutions are expanding beyond their traditional roles, providing an ever increasing variety of investment and consulting services and blurring the distinctions between commercial and investment banking. The trend is toward institutions that provide a full range of financial services to their corporate and individual customers."

The bulk of new job growth will occur in industries that provide services-two of the services listed by the Bureau of Labor Statistics are finance and insurance. According to the Bureau of Labor Statistics home page, service-producing industries will account for virtually all of the job growth. BLS also reports that by the year 2005, services will be the largest and fastest growing major industrial sectors, and are projected to provide 15.5 million new wage and salary jobs-more than three out of five new jobs emerging throughout the economy.

The Bureau of Labor Statistics lists accountants and auditors among the fastest-growing occupations requiring a college degree or more education. According to Susan Camardo, writing in Peterson's Guides: Job Opportunities in Business 1996, "By the year 2000, employment of economists is expected to be up 27 percent, as companies increasingly depend on sophisticated quantitative methods of analyzing business trends, forecasting sales, and planning purchasing and production ." Changes in the regulation of the financial services industry will provide numerous opportunities for financial analysts, financial planners, insurance agents and underwriters, and securities and financial services representatives.

Career options in finance

An understanding of the variety of options in finance is an important first step when choosing a career. Those interested in pursuing a career in financial services are presented with a vast array of options. The financial industry can best be described as a multi-faceted business with thousands of niches. They include the following positions:

Accounting Officer

Auditor

Bank Economist

Branch Manager

City Clerk/ Treasurer

Computer Systems Analyst

Direct Placement Officer

Financial Analyst

Financial Manager