Banking on Veterans
Some of the biggest names in financial services are looking for military talent. Could it be you?
By Dan Fazio

When Francis Simms was leaving the military to find a civilian career, he thought working in law enforcement would be a good match for his experience in the U.S. Air Force Security Forces. But it didn’t take long for him to figure out it just wasn’t the best fit for him.

As he continued his job search, Simms, 30, found the transition between the military and civilian worlds jarring. “It’s difficult when so many people counted on you in the military and employers can’t always see that,” he said. “Especially when in security, some people just envision you guarding a gate with a gun – they don’t understand that you do serious work.”

While working on his MBA, Simms found a career in the finance industry at Charles Schwab, one of the nation’s largest brokerage firms. “I did a group project with a branch manager from Schwab,” he said. “After it was finished, we met for dinner and I was recruited.”

Simms is now a financial consultant, and he enjoys helping clients meet their goals – something that actually ties back to his time in the military. “I like helping clients achieve their financial goals, and by going above and beyond, like in the military, you can really make a difference here,” Simms said. “It’s also nice to let some people see that this industry isn’t just a group of people only looking to make money.”

62,800 Job Opportunities!
Opportunities in financial consulting are projected to rise due to the baby boomer generation beginning to roll into its retirement years. According to the U.S. Bureau of Labor Statistics (BLS), an estimated 62,800 employees will be needed by 2018, which is a 30-percent increase from 2008.

Simms said you don’t need prior experience to enter the field. “Understand the dynamics of it – just because you didn’t before doesn’t mean you can’t now,” he said. “You just need to have a want for knowledge or a hunger for the industry. Like my commanding officer told us: ‘You can teach skills, not talent.’ ”

Financially Fit
The middle 50 percent of financial consultants typically earn between $46,390 and $199,290 per year, with higher salaries going to those with Certified Financial Planner (CFP) and other certifications, according to the BLS.

“We find that our purpose, ‘To help everyone be financially fit,’ resonates with veterans,” said Diana Navas, diversity workforce programs manager for Charles Schwab. “Veterans are driven by a set of core values, a purpose and a desire to help people, as are we.”

With hundreds of openings across multiple locations, Navas recommends that anyone looking for an opportunity at Schwab visit the company’s career website.

Although most positions do not require a college degree, Navas said one is preferred – and Schwab can even help. “While our veterans are offered excellent opportunities to further their education via the GI Bill and other funds, Schwab encourages our employees to continue doing the same via our tuition reimbursement program,” she said.

Insure Your Future
“We like hiring veterans because most, if not all, enter into our company with a sense of leadership, pride and discipline, which is invaluable in the professional world,” said Jim McMahon, director of talent acquisition and military outreach for Travelers Insurance. He is in charge of coordinating military recruiting nationwide.

“We know veterans have a strong aspect of teamwork, a sense of mission, determination to succeed in that mission, and, very importantly, they understand that everyone has a role to play,” McMahon said.

He said veterans fit in to the insurance world in ways that some people might not realize. Military nurses, for example, are a good match for workers’ compensation cases, while Navy veterans are well-suited for ocean marine insurance. Former military police are perfect for fraud cases.

All About Attitude
Travelers employs more than 1,200 veterans, and McMahon attributes that to the company’s sense of security, organization, teamwork and determination to help veterans make a seamless transition – which is what Navy veteran Darren Wickers experienced.

Wickers, 44, a catastrophe team representative, said Travelers does a great job preparing employees to work for the company. “Travelers has a great training program – it’s intense and quick, which I am accustomed to in the military. It really gets you ready,” Wickers said.

The former Navy aviation electronics engineer stresses that even without related experience, transitioning service members can excel in the company with the right attitude. “You really need to look at the whole picture while not limiting yourself because of a lack of experience,” he said. “Everyone gains more than just technical skills in the military. There are so many intangibles that can be transferred to the civilian work force. The key is to be open minded and proactive – constantly put your name out there until you find the right fit.”

Recruiting Veterans
Joshua Renick, VP staffing manager at Bank of America, is responsible for the company’s military recruiting strategy. He said the company recruits veterans because of the military’s rigorous and focused training programs – the type of preparation that enables success in financial services.

“Their personal values align with our company’s core values around teamwork, trust in our team, and acting responsibly,” he said. “Because military personnel are self-starters, disciplined and self-reliant and understand the importance of teamwork, they add to the success of our business throughout the bank’s global work environment. ”

As one of five banks that recently launched Veterans on Wall Street (VOWS), Bank of America is dedicated to helping veterans find a place in the corporate world. In 2007, the company launched a strategic plan to hire veterans that has steadily increased the number of military employees. Bank of America’s benefits plan even includes paid military leave for up to five years for those called to active duty.

Like similar companies, Bank of America recruits for all spectrums of the corporate structure, meaning a veteran can find a career in a field that fits them – not just banking.

Airman Lands Dream Job
Linda Dennisuk, 32, a former Air Force senior airman, can attest to that – she has been with Bank of America for three years, most recently as a crime and intelligence analyst. Dennisuk said her current position is truly her dream job.

She has found that the skills she developed in the military have helped her in her new career. “In the Air Force, I learned to adapt quickly to the demands of a fast-paced, constantly changing environment,” she said. “That has helped me greatly in meeting the challenges of my work at the bank.”

Dennisuk’s best advice: Finish your education before leaving the military. Once you have a formal education, many more doors will open to you.

Wanted: High Achievers
Morgan Stanley seeks the best and brightest in any job market. “We hire individuals who are high achievers, who share integrity, intellectual curiosity and the desire to work in a congenial atmosphere with like-minded people,” said Nick Tsororos, executive director of recruiting.

Veterans match the criteria, which is why Morgan Stanley representatives regularly attend events like Service Academy Career Conference (SACC) and the Wounded Warrior Career Fair to recruit military employees. The company will even provide a paid leave of absence to Guard/Reserve employees who are activated, and they will retain their health coverage while serving – all with no wait time for eligibility.

Transferable Skills
Alexander Lane, 30, a former Army captain who is now the director of institutional reference data for Morgan Stanley, credits his military service for his ability to lead a team of his peers in a positive and constructive way. “Having a background as a platoon leader and company commander allowed me to understand the requirements of leading a team through challenges involving significant risk,” Lane said. “The values and leadership techniques learned in a military career set a foundation that enables veterans to motivate and lead their teams in order to achieve successful results.”

Lane transitioned from the military directly into an academic program, which gave him a background for his current career.

But he understands that many transitioners have to enter directly into the job search after exiting the military, which is why he urges service members to “start as early as possible in the job search and have a target in mind for your future career.”

Lane also suggests that transitioners take advantage of every networking opportunity. Morgan Stanley even has its own Veteran Employee Networking Group.

Thrill of the Chase
JPMorgan Chase definitely recognizes the advantages of hiring veterans. “They represent the best the country has to offer – they have ethic, teamwork, loyalty, are result-oriented and thrive under pressure when placed into the corporate culture,” said Recruiting Manager John Legrande.

In fact, JPMorgan Chase recently partnered with 10 other large companies in launching the 100,000 Jobs Mission, committing collectively to hire 100,000 transitioning service members and veterans by 2020.

But the company takes it one step further by closely tracking its military recruiting efforts, said Tim Keefe, a Marine Corps veteran and a JPMorgan Chase spokesman. “We are tracking what we do, how we do it, and ensuring that our programs are informed by data, measurable, and run as diligently as we would run any other part of our business,” he said.

To drive its initiatives, JPMorgan Chase created a Military and Veterans Affairs organization to develop and implement a strategy to meet the unique needs of the military community.

In July, the company launched Chase Military Banking, which provides premium checking account benefits that are typically reserved for high-balance customers to military customers.

In addition, JPMorgan Chase partners with Syracuse University to offer a tuition-free technology certificate to post-9/11 veterans interested in pursuing a technology career. The company and SU also established the Institute for Veterans and Military Families to not only help transitioning military

members and their families, but to gain insight into their challenges, capture best practices and foster relationships that will help service members transition into the civilian world. JPMorgan Chase also supports the White House’s recent Joining Forces initiative.

All of these partnerships involve significant funding and thought. “We try to go beyond military friendly,” Legrande said.

Jobs
Charles Schwab recruits veterans for positions in:

• Accounting and finance
• Administrative
• Banking
• Brokerage trading
• Information technology
• Human resources
• Operations
  

Pay
Each position has its own base salary, as well as an average bonus opportunity. Overall, a salary will depend on position, skills and experience.

Travelers
HQ: New York, N.Y.
Employees: 30,000
2010 Revenue: $25.1 billion
www.travelers.com
www.travelers.com/careers

Jobs
Travelers recruits veterans for:

• Product and project managers
• Property and auto claims adjusters
• Medical case managers/nurse consultants for workers’ compensation, general liability and auto
• Information engineers
• Attorneys
• Risk control consultants
• IT
• Customer service
• Pricing analysis
• Data modeling
  

Pay
Pay is based on position and experience; most positions offer full benefits

Bank of America
HQ: Charlotte, N.C.
Employees: 280,000 +
2010 Revenue: $111.4 billion
www.bankofamerica.com
careers.bankofamerica.com/military

Jobs
At Bank of America, veterans are recruited for:

• Technology-related positions
• Supply chain management
• Corporate security
• Marketing and Communications
• Human resources
• Customer support
• Operations
• Roles in traditional finance
  

Pay
Salaries depend on the position, the employee’s experience and job location

Morgan Stanley
HQ: New York, N.Y.
Employees: 63,000
2010 Revenue: $31.6 billion
www.ms.com
www.morganstanley.com/about/careers/index.html

Jobs
Morgan Stanley recruits veterans for:

• Institutional Securities
• Information technology
• Sales
• Operations
• Finance/Accounting
• Risk Management
  

Pay
Competitive with those offered by its peer group

JPMorgan Chase & Co.
HQ: New York, N.Y.
Employees: 240,000
2010 Revenue: $17.4 billion
www.chase.com
www.chasemilitary.com

Jobs
JPMorgan Chase & Co. recruits veterans for:

• Finance
• Tech Development
• Operations
• Sales
• Retail
  

Pay
Pay varies depending on position, job location and previous experience