Minnesota Center for Financial and Actuarial Mathematics MCFAM Career Advancement Services

1. Minnesota Center for Financial and Actuarial MathematicsMCFAMCareer Advancement Services Laurie Derechin, Executive Director MCFAM 8-31-2010

2. MCFAM Career Advancement Services • Career path development process begins your first year • Career coaching meetings • Workshops/Events • We strongly encourage you to participate in the career advancement program within MCFAM • You cannot receive career support services if you do not participate • To sign up for MCFAM Career Services: • Sign up sheet to meet with Laurie Derechin; or email Laurie

3. Career Development Planning First Step: Assessment exercises Who are you? Personal characteristics, skills, values What did you learn about your career interests from this? Steps/Resources MCFAM Career Advancement Services 2010 and Beyond Career Landscape Job climate US Opportunities Salary Ranges - US Global Opportunities Today’s Agenda

4. Career Development Planning: Assessment • For successful career/job search, know your: • Core Personality Characteristics • Core Skills • Core Values • Once you know more about yourself easier to: • Define career path(what type of job/what type of company) • Target prospective employers • Write your resume/cover letters • Prepare for job interviews • John Holland PhD; Theory of Career Choice “Discover who you are, what your skills & values are, find a career that fits you”

5. Career Development Planning: Assessment • Holland Personality Types • R - Realistic: mechanical know-how, stamina to work outdoors, likes working with things and tools • I - Investigative: explores ideas and analyzes; inquisitive, precise, abstract thinker; likes working with data and ideas • A - Artistic: skill in music, art and/or communications; values aesthetic qualities and relates to world through their medium (music, architecture)

6. Career Development Planning: Assessment • Holland Personality Types (continued) • S - Social: enjoys helping others and the community; sensitive to others’ needs; cheerful, scholarly and verbal • E- Enterprising: likes to persuade and influence others in areas of business or politics; self confident, social; skilled at leadership and public speaking • C - Conventional: likes an organized and detailed workplace; skilled in finance, mathematics; likes working with data; views self as practical and organized

7. Career Development Planning: 4 Assessment Exercises Take 30 minutes to complete the following assessments Be honest with yourself – but don’t overthink it! • Core Personality Characteristics • Core Skills Inventory • Core Values Assessment • Understanding your Career Interests

8. Developing your Holland Code At bottom of form: Mark down first letter of occupational theme that best describes your personality (R=Realistic, I=Investigative, etc.) Mark down first letter of second highest theme Mark down first letter of third highest theme String them together to get your Holland Code: For example, if your interests rank in the order of 1) Artistic, 2) Investigative, and 3) Social, your Holland code would be AIS. Career Development Assessment Putting it all Together

9. Career Development Planning: Group Exercise/Next Steps • Get to you know your Classmates • Split into 8 groups and compare your notes • Did you find out anything surprising? • Does it give you any clues about what you want to do in your career? • Keep this worksheet; bring it to your first career coaching meeting with Laurie • Next Steps • Briefly jot down your top 7 peak accomplishments (work, school, personal). Bring with you to first meeting with Laurie

10. Main Steps MCFAM Career Advancement Program We’ll work these steps throughout MFM/FQF program: • Assessment • Identify Career/Job Type(s) that interest you • Learn More about selected career area(s) • Develop Resume • Target Companies where you would like to work • Prepare for Interviews

11. Variety of Resources/Experiences MCFAM Career Advancement Program Many Ways to Get Exposure, Experience, Support: • On-going Career Coaching Meetings – Laurie • Quarterly Workshops on Career Development • Friday MFM Seminar (watch schedule) • U of MN CSE Career Center & Center for Writing • Professional & Student Association participation (PRMIA, FMA, IAFE) • Institute for Mathematics and its Applications (IMA) www.ima.umn.edu • Internships/Job Fairs • Extracurricular experiences/leadership opportunities

12. 2010 and Beyond Career Landscape Overall Job Climate Finance: Better than 2009!!! • Increasing entry level jobs “investor infrastructure” • Customer Service and Sales functions for Hedge Fund Investors • Increasing opportunities in Risk Management: • Market, credit, investor, M&A, regulatory & operational risk mgt. • Risk management and Compliance Functions merging: Now risk management very strategic “Chief executive officers now sleep a little better at night knowing that they have a seasoned executive "waking up every morning" thinking about the myriad of risks that affect the firm” Michael Woodrow Risk Talent Associates LLC

13. 2010 and Beyond Career Landscape Global Opportunities • Not only US market • China, Singapore, London, Dubai Very Hot Emerging Markets • If you are at the entry level, great place to start your career • Hedge and Equity funds • Trading • Risk Management • Financial Modeling and Quantitative Roles • MCFAM to explore international placement opportunities for MFM/FQF in additionto US jobs • Stay Tuned…………

14. 2010 and Beyond Career Landscape 2010 Compensation Surveys – Risk Talent Executive Search • Total Risk Professional comp. in capital markets increased by 3% vs. 2009 • Returned to 2003-04 levels after 12 % decline in 2007-08 • Between 2008-09, salaries grew by 2% and bonuses by 4% • Rebound strongest for Junior and Mid Level Risk Managers

15. 2010 and Beyond Career Landscape 2010 Compensation Surveys Association for Finance Professionals • Average salary increase for finance professionals 2.5% • 13% higher than national average • Salaries vary by region of US

16. 2010 and Beyond Career Landscape • Learn About Different Job Types: • Online Professional Association Websites • Read various job descriptions in “Jobs” sections • PRMIA Professional Risk Management International Association • IAFE International Association of Financial Engineers • FPA Finance Professionals Association • Many More!!! • We Have Just Begun to Explore the Landscape!!! • Email Laurie lderechi@umn.edu to set up career coaching session(s)