Cha-Ching!
Book Excerpt:
Cha-Ching
Money makes the world go round, but veterans make the money world work!
by Joshua Hudson
Ask the average person about working in the financial industry, and the images that pop in their heads are power suits, Wall Street, and board room handshakes that buy and sell industries like hotels on a Monopoly® board. The truth is that it takes armies of workers to make the money industry work, from power broker to bank teller. The financial industry employs over 8 million Americans. The Bureau of Labor Statistics predicts that over the next eight years a solid growth in employment will see an additional million employees staffed.
While the financial services industry is not the largest in terms of the volume of employees (other industries like manufacturing employs nearly twice as many), it is the largest industry in terms of earnings. Money makes the world go round and organizations like banks, credit card companies, insurance, etc. represent 20 percent of America’s stake in the world’s $51 trillion market capitalization.
The Industry
The industry is so important to our daily lives that financial companies have diversified their businesses. Banks now offer insurance and credit card services. Insurance companies now offer IRAs and online banking. Even grocery stories have replaced ATMs with full service banking.
“The competition is out there,” said retired Master Sgt. John Hancock, communications managers for USAA. “Bank of America no longer does just banking. Wal-Mart offers credit cards. The industry’s services are branching out into every market.”
“I think it is great,” said Joel Bartis, an associate in the real estate banking group for Wachovia. Joel is a 1994 graduate from the U.S. Naval Academy and spent 13 years in the Marines as a CH-53E helicopter pilot. “The industry needs people who will help our clients prepare for tomorrow and succeed today. Coming from the military, you accept that if the team succeeds the individuals get the benefits. That includes the clients too. It is very rewarding.”
“I see a lot of opportunity and benefit to our company hiring military experience,” said Diana Yorty, who recently started working for Merrill Lynch after serving nearly ten years as a Navy officer. “The culture definitely supports prior military and Reservists … I feel valued here.”
Megan Roberts, who works in Wachovia’s corporate communications department couldn’t agree more. “Veterans are an important talent pool for us to pull from.”
The Jobs
John DiPiero, military hiring manager for USAA and a 29-year Air Force veteran, thinks that the need for veterans in the workplace is more important than most service members realize. “College recruits have a place here, but we want military people not only for what they bring to the company on their résumé, but what we feel they can accomplish while they are here. We have really good training programs, but we can’t train people to be trustworthy, hard working and care about our customers.”
Otis Collier left the Navy after ten years working as an Electronics Technician and recruiter. He worked for some big companies, such as Google, before settling in as a military recruiter for Wachovia Corporation. It was the company culture that drew him to his current position, and he knows that banking is an industry that most military members would enjoy. Most importantly, he knows that his company needs the advantage of military experience.
“In the military,” said Collier, “you have so many responsibilities. I used to joke that I actually had 15 different jobs in the Navy. We have the ability to learn quickly, because we are used to multi-tasking. It doesn’t matter what military job you had, the military develops a ‘jump in and succeed’ mentality.”
“Another invaluable military skill is crisis management,” said Bartis. “It definitely differentiates me from my peers. In any one of a thousand jobs we all do each day; we are adaptable, level headed, and able to plan success with the task at hand.”
Unfortunately, the skills that are most marketable to the financial industry are the ones that are stressed the least by service members on their résumé and in their interviews. It is a paradigm shift that every military member needs to make as they prepare for civilian careers.
As an associate in the real estate banking group, Bartis deals with finances for private and corporate clients. It was a big change from his life as a Marine pilot. “It is a myth that service members are only qualified to perform the job of their military career description. It would be easy for me to focus on my career as “just a helicopter pilot.” When I step back and look at all the skills I gained from being in the military, almost all of them are transferable to the corporate world: most importantly, the ability to be a team player.”
Yorty knows that the ability to adapt and succeed in any situation is a trait that is inherent to everyone who has served in the military. While most employees must rely on their education to get hired, military candidates have years of education and training with practical experience in leadership, problem solving and project management.
“We are given a high level of responsibility at a relatively young age, compared to many of our civilian counterparts,” said Yorty. “For example; at 25, I was responsible for a crew and a multi-million dollar aircraft. We are able to take a leadership role under very stressful situations. Beyond our general career description, we are given collateral duties, and you’re usually responsible for a large number of people.”
It is that proven ability that attracts many financial institutions to the military. With people’s businesses and life savings in the balance, companies want to hire those they are sure can perform.
The Opportunity
While there is a myriad of opportunities at all levels within the financial industry, many positions require state or federal licensure and at least some higher college education.
“There are some jobs that require a college degree, but it depends on the position,” said Collier. “If people think beyond the image of the stereotypical bank teller and big corporate brokers, there are so many more job opportunities. There are opportunities for everyone.”
At USAA, sometimes the normal college requirement for some jobs can be replaced with military experience. The company appreciates that a lot of military experience and training equates to serious college credit at most universities. “Our phone operators are customer service representatives, but they are also your advisors,” said DiPiero. “They are the people you would normally see at the bank. They are licensed just like any insurance broker or financial advisor. We train them and continue that training. They are very
desirable assets in the industry.”
Robert Vasquez retired as a Sergeant First Class in the Army. After 21 years in artillery, a career as different as financial management would seem to most a difficult transition, but Vasquez couldn’t disagree more. “I work in new member solutions,” said Vasquez. “I have twelve people who report to me. I find that my experience leading people is more important than my college education.”
Financial companies are increasingly using the “whole individual” approach to hiring new employees. Hiring managers no longer evaluate candidates solely on education and how many “wickets” are listed on their résumés. Companies want to know who is going to perform and produce, which is why military candidates are being recognized as an essential part to their recruiting efforts.
“In my recruiting experience for the bank,” said Collier, “we look for the entire package. We don’t have helicopters and tanks at Wachovia, but we have former-military pilots, field officers, electricians, etc. working here. We hire them because we know that the skills they developed outside of their specific career description are transferable and relevant.”
Transition
A native of San Antonio, Texas, Vasquez had noticed in an issue of
G.I. Jobs magazine that USAA was hiring. After some research, he decided that USAA had an employment culture he would enjoy. Compatible cultures between companies and individuals are becoming a significant factor for successful work environments.
“I used a lot of resources, like G.I. Jobs when I was preparing to leave the service,” said Vasquez. “What I’ve learned is that civilian companies want people who can collaborate and produce – and who is better than the military for that?”
Even with a degree from the U.S.
Naval Academy, Yorty had a lot of anxiety about leaving the military and finding work. “Will I find a job? Will I do well enough? Will I be happy? My TAP class was helpful when preparing … it is amazing how [many veterans are already] out there looking for people like us to make their companies successful.”
Joel Bartis does stress the importance of preparing early. “Everyone is looking for those military intangible skills, but education is still important,” said Bartis. “There are a lot of education opportunities through the military that everyone needs to take advantage of to increase their marketability. So many service members invest in their savings, their fitness, and their military career but pass on the chance for free tuition and finish their degree.”
Bartis feels he is lucky to work in the financial industry. “The job really does have a sense of community and that continued feeling that you are helping people. Those were the aspects of the military that I loved.”
Mike Black served in the Marines for 12 years before separating in October 2007 for a job at USAA as a process engineer. He didn’t just want a job, but a job that would let him continue that pride of service. “I get that here. After interviewing with 14 companies, I chose the company that lets me feel like I am not just earning a paycheck but doing something good for my military customers.”
“Don’t expect that just because you were a major or master sergeant, that you will walk into the door as the boss,” said Black. “Success in the civilian sector has everything to do with what you can accomplish today and tomorrow for the company and not what rank you had yesterday. Every service member has the potential to use those military skills and be what they want to be.”
The financial industry wants their future employees to be focused and able to handle the responsibility of tomorrow’s economy. Regardless of bullish markets or economic downturns, companies need employees who can help them navigate the waters to prosperity.
Genre:
Type of Work:
Publishers:
Original Published Source:
G.I. Jobs Magazine
Original Publish Date:
2008-04-01
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