Students Take Stock of Financial Job Market

Author: Grace Armstrong

Twelve-hour days - if you get out early. Working early in the morning, through lunch and late at night. An environment even more intense, competitive and high-pressure than Middlebury College.

If this doesn't sound like your cup of tea - or even coffee - that's all right. The "Wall Street 101" lecture in Bicentennial Hall Room 104 was crowded enough. Students interested in careers or internships in financial services and investment banking, or simply wanting to learn more about Wall Street, filled the chairs and floor to hear two representatives from financial services giant Morgan Stanley talk about investment banking.

John Greenwood, who has worked at Morgan Stanley since 1976, and Nicholas Apostolatos '97, an associate at the firm, visited campus as part of a series of "Wall Street 101" events organized by the Career Services Office. The events aim to help students learn about opportunities in finance-related businesses, as well as what skills employers look for and how to position themselves in the current tight job market.

Although the two representatives emphasized the competitive nature of finding employment in the finance sector, they pointed out at least one encouraging trend. More than before, said Greenwood, "you will see firms looking for people coming out of college. It's a 180 from a year ago... [when] the ratio of associates [new employees with MBA degrees] to analysts [college graduates] was four to one."

Although Greenwood and Apostolatos did not deny that working on Wall Street involves pressure, they emphasized that for many people, investment banking is fascinating and rewarding. "You'd be surprised by how much rope these firms will give you," Greenwood said. "They do not hold people back."

"This isn't rocket science," Apostolatos said. "This is all stuff you can do, and with training, can do very well."

The lecture answered questions such as what an investment bank does and who will excel there. The speakers provided an overview of the departments within Morgan Stanley and the most important qualities for employees in each. Firms need many different types of employees, with strengths ranging from interpersonal skills to number crunching. And it isn't just economics majors who are hired. Graduates from disciplines such as history or English with strong writing or analytical skills can also land a job.

"Think about where your personality would best fit into this," Greenwood said. For example, "if you can't wait to get out of Middlebury and head to the nearest casino, you'd probably enjoy trading."

Finally, the presenters gave students advice about the job application process. Apostolatos emphasized the value of Middlebury connections. "Create a dialogue... it's about being more than just a resume and a cover letter," he said. "Are you someone they can envision working with in the office until 3 a.m.?"

The hours may be trying, the atmosphere highly charged, and the cups of coffee extra tall. But both Greenwood and Apostolatos agree that the rewards are worth the challenges. "Yes, it demands long hours," said Greenwood. But in the end, "the exposure ... the platform you can leap off of is what is important."