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Sunday, January 20, 2008

Taking Your Career to the Bank




If you live in growing metropolitan areas, it may seem that branch banks and credit unions are springing up everywhere -- on street corners, in shopping malls and in grocery stores. Continued low interest rates are keeping mortgage and lending institutions busier than ever. All of these offices need staff, which is likely why CareerBuilder.com, one of the nation’s leading online job sites, has seen a 53 percent increase in job postings for accounting and finance positions since January 2003. Additionally, a recent Manpower Inc. survey showed that nearly 20 percent of finance, insurance and real estate companies intended to increase hiring in the 4th quarter 2003; the most positive showing since early 2001.
While more financial transactions are performed electronically via on-line or direct deposits and withdrawals and automatic teller machines now do many of the tasks typically associated with bank personnel, a recent Gallup poll found that more than half of respondents still visited their banks’ branches one to three times a month. Nearly 30 percent said they went to their local branches four or more times a month.
Other changes in the banking industry are creating new opportunities. With deregulation, banks are now allowed to offer a range of insurance and financial products. These new products and services are creating a need for securities and financial services sales representatives, financial analysts, and personal financial advisors. Demand for “personal bankers” and trust officers to manage the assets of clients who have money to invest, also will grow, according to Bureau of Labor Statistics (BLS).
These are all signs that the big cuts and right-sizing of the banking and finance industry are now over and the sector is beginning to rebuild staff in customer-contact and revenue generating positions. That means increased job opportunities for bank tellers, first-line branch managers, mortgage processors, schedulers and closing agents. While many of these positions are entry level, there are some excellent reasons to consider this field.
1. Typically, only a high school education is required to work as a teller or mortgage agent. The starting pay is comparable to many other jobs for high school graduates, but the work environment can be vastly preferable to other positions that might be available. Applicants who relate well with people and have good math skills could find themselves helping customers in a pleasant, professional environment. Most people will find counting tens and twenties in an air-conditioned bank more appealing than pressing shirts in a steamy laundry, for example.
2. Banking jobs also can fit with plans to continue one’s education while working. The regular hours offered by banks allow for night school, and many local branches are willing to schedule around morning or afternoon classes. While typical “banker’s hours” no longer exist as banks stay open to accommodate working families, the hours are much more regular than those available in other customer contact and retail jobs.
3. A position with a well-known financial institution will look good on a résumé if you decide to complete your education and move on to another career choice. Your experience in a professional finance-related environment could give you an edge in future job interviews.
4. According to the BLS, most tellers and clerks do move on to other career choices, but there are opportunities to obtain additional training and move into better paying jobs within the institution. Banks are also training front-line employees in sales techniques to promote ancillary products like insurance and investment services. The American Institute of Banking (AIB) and the Institute of Financial Education (IFE) offer banking related courses through their chapters in most cities. Many banks will pay for employees to receive training at these facilities or at community colleges. Job seekers wanting to enter and advance in this field may consider taking some of these courses on their own.
5. As banks and mortgage companies seek to reduce turnover of front-line staff, they are offering employees pay and advancement incentives. One regional organization with 97 offices, call their tellers “customer service representatives” and give them significant marketing responsibilities. Frontline employees are encouraged to attract deposits and refer mortgage and small-business loan prospects. These representatives can earn incentives worth as much as 75 percent of their base pay. Increased pay opportunities also exist in the mortgage and loan areas. According to the recently released 2004 Salary Guide from Robert Half Finance & Accounting and Accountemps, loan administrators can expect the largest percentage increase in base compensation of any accounting and finance category. Average starting salaries in this area are projected to rise 9.1 percent.

Ready to Go It Alone? Tips for Starting a Home-Based Business
For some people, finding a new career means deciding to go it alone by starting a home-based business. Running a home business can have a multitude of benefits, such as flexibility, anonymity and the satisfaction of being your own boss. However, it also carries a great deal of risks, such as no guaranteed paycheck. Because of the risks involved, it is important to give careful thought and planning to starting your own business. Here are six helpful tips to help you get started.
1. Examine your finances before leaving a salaried position.One thing all business owners must go through is a period of sacrifice while their endeavor gets off the ground. If you are considering leaving your job to start a business, start putting away some funds in a separate account to cover your living and business-related expenses. Doing so will give you the freedom to put your energy into getting your business up and running without neglecting your financial responsibilities.
2. Invest in good equipment and tools that are necessary for your profession, but don’t overdo it. Susan Keuhnhold, an independent graphic designer in Indianapolis, said she invested in top-of-the-line equipment and software. This provided her with the right tools for the job and gave her credibility with clients and vendors. “I had been out of the field for a while and knew the standards had changed, so I talked to other designers and printers to find out what the industry’s expectations were,” she said. However, as much as you may be tempted to outfit your office with all the latest business gadgets, avoid purchasing items that are not necessary to your needs. Consider whether you really need a copier and fax machine to start. Visiting your local Kinko’s every once in a while might be sufficient in the beginning.
3. Determine where your first business is going to come from before opening your doors.For Robyn Frankel, who had spent several years working at a public relations agency, finding her first clients for her new business was relatively easy. “I was able to attract companies I had worked with in the past and had a roster of clients to start with,” she said. Keuhnhold attracted her first clients by volunteering. “If you can afford it, volunteer projects are a good way to get started,” she said. “I did a very simple project for my neighbor, who happened to own a business. That task gave me new materials for my portfolio and helped with networking. Volunteering led to several business opportunities.” Both Frankel and Kuehnhold said they continue to find much of their business through involvement in community organizations.
4. Create a separate workspace. Frankel has operated her business out of her home for many years and successfully separates work life from home life. She says that when she is in her home office, she is at work and does not take care of household tasks. On the other hand, she makes sure she does not spend all day and night working. “I have a separate work area and business phone line and have learned the importance of leaving my office at the end of the day,” she said. Find a balance and make sure you think of your home office as a professional environment.
5. Invest in the services of an accountant. Moving from working for a company to working for yourself has a dramatic impact on your financial situation. One prudent investment to make right from the start is a meeting with an accountant who can help you set up your business and navigate tax laws. If you can find a good accountant who is willing to work and grow with you, you will have a sound and valuable business partner for many years.
6. Research, network, and talk to others who have paved the way before you. You can learn a great deal through books, in magazines such as Entrepreneur and through other online resources. It is also helpful to talk to other business owners. Find out if there are any small business organizations in your area. Contact your local Chamber of Commerce to network with other business owners and find advice from organizations like the Small Business Administration. You can give yourself a head start by taking advantage of lessons learned by others.