Finance Your Future
Finance industry jobs will grow 20% in the next 8 years.
By Kathleen Ganster 

Few industries have experienced the ups and downs that financial services has experienced over the last few years. And yet for many veterans it is an exciting and challenging career choice. “No matter what the economy, we need good people in financial services,” said Brody Merrill, manager of corporate strategy for Janus Capital Group. “We need people to manage difficult times as well as manage the good times.”

Despite the difficult times in the economy, the Bureau of Labor Statistics (BLS) predicts the need for financial analysts will grow a whopping 20 percent between now and 2018, far higher than the average 11 percent increase in most career fields. Positions in the banking industry are predicted to grow 8 percent overall during the same time period – also a healthy rate.

Salaries in financial services are as varied as the types of jobs available in the industry. The median salary for financial analysts in May 2008 was $73,150 – more than twice the national median wage, according to the BLS. Starting salaries for other civilian job opportunities range from bank tellers’ median wage of $23,608 to customer service representatives at $30,284 to banking managers at $89,440, according to the BLS.

The experience and education required in financial services varies as much as the types of positions themselves. Some jobs require advanced training, education, certification and licensure, while some entry-level positions require only a high school diploma. 

No Experience Necessary
Merrill, 37, knew he wanted to work in financial services after separating from the Marines. “I was very focused on what I wanted to do – I wanted a career in the business field,” he said. That focus allowed him to pursue a bachelor’s degree in accounting and an MBA, which are perfect complements to his military background.

As the BLS statistics show, Michelle Thompson, director of talent management for Denver-based Janus Capital Group, said there are plenty of opportunities in varied areas within financial services. “While many people may think that we are all about banking and investments – and there are certainly opportunities in those areas – there are other areas, including our sales teams, IT positions, opportunities at our call centers and support and office staff,” she said.

Janus seeks veterans when filling open positions. “They fit in well with this culture,” Thompson said. “They are hard working and have the ‘go get-um’ attitude that works well in this industry. They also do especially well at multi-tasking, also necessary in this career field.”

And those without experience in financial services don’t need to worry. “You don’t have to have experience in our industry to succeed, you just need a positive attitude and need to be willing to learn,” Thompson said. 

Pilot Lands Challenging Civilian Job
Chad Gross, 33, vice president of public funds at Janus, was a Black Hawk pilot before he transitioned into the civilian world – a background that helps in his new career. “While it isn’t necessarily the same as flying, the same quick-thinking, problem-solving skills come into play. I have to complete many tasks in a very short period of time, the same as when I was in the military,” he said.

The industry attracted Gross because of its fast-paced, challenging nature. “For better or for worse, this is the industry that is shaping so much of the world,” he said, “It is an exciting world to be in – I like to be constantly challenged and constantly rewarded.”

While the commission-based nature of his job might not be for everyone, it is perfect for Gross. “It’s like being an aviation officer – it is a serious role and one that is exciting at the same time.” 

Paratrooper Jumps Into Finance
Terrence Washington, 29, wasn’t sure where a degree in sociology would take him after serving in the Army, but he wasn’t expecting to end up in the financial services industry. After talking to a friend’s mother who worked at Bank of America, however, he changed his mind. “She told me that they weren’t necessarily looking for financial experience. Their philosophy was “we will teach you when you get here,’” he said.

Now a Business Contact Center analyst, the former 82nd Airborne Division paratrooper feels his military background is vital to his success at Bank of America. “There are so many things in the Army that tie into my career that I never expected,” he said, including the ability to learn new tasks in a high-stress environment, strong discipline, working as part of a team and focusing on a mission.

For Jeff Cathey, 56, senior military affairs executive with the bank, the transition is more obvious. With a bachelor’s degree in finance and a master’s degree in security, coupled with his service in the Navy, Cathey’s background lends itself perfectly to his role in working with military banks both in the U.S. and abroad.

“In the military, we learn how to lead a team while also being a part of a team. Knowing when to lead and when to follow is important not only in the military but in the world of finance,” he said. Before he left the military, Cathey explored a variety of options, including working in nonprofits, defense establishments and finance. “I majored in finance in college, so it has always interested me and when I found an opportunity where I could help them grow their line of business with the military, it was a good fit.”

Finance Offers Variety of Civilian Jobs
Josh Renick, military staffing manager for Bank of America, said the backgrounds of Cathey and Washington illustrate how veterans with a variety of experience and skills can fit into the financial world.

“One of my greatest challenges is to help people realize that we have careers that you don’t even think of when you think of financial services,” he said. “It isn’t just banking or finance or wealth management.” While Renick said there are indeed opportunities in those areas, there are others in areas like operations, supply, security, customer services and IT. “We have positions targeting just about every line of our business,” he said.

Bank of America values core skills learned in the military such as those Washington pointed out: leadership, the ability to work as a team member, adaptability, and a focused determination to achieve a common goal, Renick said.

Veterans’ Skills
The skills and other assets that veterans bring to the table in financial services inspired Citigroup to refine its veteran recruitment efforts, according to Suni Harford, managing director and Citigroup’s regional head of markets for North America, which is part of Citi’s Institutional Clients Group.

“We have found that the military background is a good fit for all types of jobs with us,” she said. “The leadership and maturity they bring to the table are hard to replicate in other situations. If someone can manage a battalion under fire, they can probably do the multi-tasking that the market requires.”

Civilian jobs at Citi include a variety of domestic and international positions, Harford said, including openings in investment banking, sales and trading. While these jobs require a college education, other positions may not require prior experience or a college degree.

Jonathan Simon, head of diversity for Citigroup’s Institutional Clients Group, said the variety of positions available at Citi, along with the numerous geographical locations, makes them attractive to many veterans.

Kevin Fitzgerald, 60, works for Citi in Washington, D.C., as the managing director  in Citi Global Transactions Services, where he is responsible for North America Public Sector Client Management. The former Air Force captain now works with various government entities. “For a company like Citi that is global in nature and works with so many facets of the government, someone with a military background has the same kind of mission objectives and knowledge that are a benefit to us,” he said.

Chris Perkins, 35, lives in New York and is director, head of Over the Counter (OTC) Client Clearing and is a cofounder of Citi’s employee military veterans network. A graduate of the U.S. Naval Academy and a former captain in the Marine Corps, Perkins said his experience in Iraq prepared him well for his career. “The military is very much like trading,” he said. “There is a ton of uncertainty on the battlefield and you have to make a decision and move forward. We made decisions in times of uncertainty. That is a lot like what we do now.”

The benefits are also very similar. Like the military, Perkins said, reward is often merit-based. “It is how good you are. You can move up the ranks as fast as you perform.”

Perkins belongs to the military veterans’ employee network at Citi, an organization open to all employees to increase awareness of the veteran employees. “Citi is very committed to veterans,” he said. “We truly recognize the strengths the military provides. These are things you can’t teach.”