Planning your finance career early – 5 tips to increase your odds of getting hired.

Career planning should be fun but often it turns out to be fairly stressful to find that dream job and getting hired. The market is highly competitive, especially for soon to be or recent graduates. If you are looking for jobs on Wall Street or a career at a well-known financial powerhouse like Goldman Sachs, then your competition is even fiercer.

So what can you do to increase your odds of getting hired? While a creative resume or video resume may sound tempting to stand out from the crowd, it’s likely to get you tossed in the pile of applications that won’t get a second look, well, at least from the recruiter you want to impress.

1.     Choose your college wisely   

If you are looking into high profile finance jobs you want to be competitive. Having a 4.0 gpa from a local college is not nearly as impressive as a 4.0 gpa from an university like Notre Dame. You may start out at another school, but set the bar high for yourself and what you want to achieve. Ideally you follow your bachelor’s degree with a MBA. A recent Georgetown study found that the unemployment rate for advanced degree holders is at 4.3%, quite a bite below the national average of 7.3% in October 2013 according to the Bureau of Labor Statistics. Pursuing an advanced degree is worth it and it makes you competitive. Granted, your degree isn’t the only thing that recruiters are looking for, but it definitely helps grab their attention.

2.     Pursue quality internships

You may want to fully concentrate on your studies, to achieve that 4.0gpa but internships are vital to success. Apply to internships at employers that you could envision working for. Not only will you learn first-hand from the pros, gain valuable inside information on the career you are pursuing and have a chance to test your skills, you will also be able to make connections, network and make an impression. Interns that show outstanding work ethic and passion for their field will leave an impression with their team. Even if you don’t get hired right after, if you apply after you graduate, people will remember you and how you have excelled even as an intern. It also boosts your work history and demonstrates your willingness to learn and work.

3.     Utilize and Optimize LinkedIn

If you don’t have a LinkedIn profile create one sooner than later. This platform is a powerhouse of successful companies and individuals that are hiring and scouting. You can network, join discussion groups, connect to people you have worked with in the past or would like to work with. It is the place to be to make connections that are career related. You can always ask to be introduced to someone outside of your network too. Introductions are great because they are often used sparingly, so if you can get that introduction to a hiring manager at Goldman Sachs for example, make sure you put your best foot forward.

4.    Join specialized finance industry recruiters        and websites

Careerbuilder.com and Monster.com are great places if you are looking for a job, but if you are looking for THAT job in the finance industry, then joining specialized career websites like Doostang for example, can really help your job search. Often recruiters and specialized career websites team up with companies in that particular field and have access to postings you wouldn’t find through regular job sites. In addition to making your search easier, you’ll be provided with insider knowledge that helps you in your career search. Join early to learn what kind of jobs are currently being hired, what requirements they have and how you can plan to achieve said requirements.

5.     Find a Mentor

Having a mentor in the field you are trying to pursue your career in can be invaluable. A mentor will know the industry, the trends, what it takes, how to succeed and can introduce you to important connections in the industry. Mentors want to share their knowledge and want to help you succeed. Don’t take their advice for granted, others pay good money for business and career advice. Ask questions, challenge ideas and understand what you need to be competitive and get ahead in your career. It’s never too early to find a mentor and never too late. Learn from their experience and take full advantage of the chance you have been given.

Of course there are many ways to stand out among other applicants but in a competitive field that requires drive and motivation, having a solid action plan, showing that you really want this and put work into your dreams and goals will get you noticed and hopefully invited to the interview.
If you are interested in the full Georgetown Unemployment Study you can go here to read the full findings.