High Pay Still Found in Finance

Though the stock market remains wildly prone to fluctuations and the United States barely saved itself from veering off a fiscal cliff at the new year, the high pay of finance jobs has remained a steadfast thing. And the number of people seeking such jobs has, if anything, been on the rise-even as the amount of spots available moves the other direction on the number line.

“I’m looking to go into finance” is a common phrase among soon-to-graduate and recently graduated college students. But what exactly does “going into finance” look like? Finance is an industry, and the term blankets a lot of different positions. Finance jobs include everything from being an analyst to being a trader, from being a researcher to being a consultant. When most people think “finance,” investment banking, also called iBanking, is what first comes to mind. Specifically, bulge bracket banks like Goldman Sachs, J.P. Morgan Chase, and Morgan Stanley come to mind. But these firms only comprise a small (if highly profitable and reputable) piece of the finance pie. Job-seekers can also break into the finance career bubble through sales and trading divisions, corporate finance, hedge funds (a harder point of entry for fresh BAs), consulting firms, (McKinsey & Co., Boston Consulting Group’s HOLT associates division), private wealth (Charles Schwab, PNC Wealth Management) management firms, and even ratings agencies (Moody’s, Standard & Poor’s). And within iBanking alone, there is further job breakdown into three types of groups: capital market, product, and industry groups. Basically, “finance” is deceptively simple-there are dozens of ways to wriggle into the finance sector.

The pay, of course, differs from position to position and from company to company. At a big investment bank, first-year analysts will typically make around $70k base salary plus a $10k signing bonus and $50k to $60k year-end bonus. At a hedge fund, the hiring salary can go up to $90-$100k base plus an even more significant year-end bonus-but generally only analysts with an MBA or prior iBanking experience will make this kind of money right off the bat.Entry-level private wealth management salaries can also be over $80,000. First-year traders bring in similar base salaries to analysts but usually expect less of a bonus-around $20K to $30K. Ratings or credit analysts tend to make slightly less than these other positions, around $55K base salary, but compared to the larger scope of American and international pay grades, that is still a more-than-respectable entry-level salary. And once someone is inside the finance worlds, his/her chances for mobility into different sectors and positions greatly increase.

Of course, no money comes free, and no one getting into the finance world can expect to get his/her salary without doing a lot of work-sometimes 100 hours a week of it. Analysts joke that analysts don’t have a life, and at times that joke rings all too true. But the applications for finance jobs keep coming and will keep coming. The bonuses may not be as extravagant as they once were, nor is the path to rise through the ranks of a firm as smooth and certain. Yet no other industry can promise pretty much across the board $50k plus entry-level salaries, especially after the recession. High pay has remained a stable fact for those who can say they are “in finance,” and in unstable times, that kind of stability is something for which many are willing to fight.

MCSE Qualifications Helping Professionals Get the Salary They Deserve

Due to the credit crunch, many unqualified staff are finding their pay dropping or simply not increasing at all. With the economy at its roughest in a long time, many businesses and corporations have frozen wages, especially for those blue collar posts. Gaining a certification by Microsoft, if you work in I.T or thinking of changing career can help you get that higher salary.

The MCSE, or Microsoft Certified Systems Engineer, is a particularly good qualification to take. For MCSE jobs in Great Britain, the salary range is quite varied, but still quite high. Most of MCSE related jobs are based in London, where the average salary is 40,000 pounds. Although, the number of jobs available is significantly lower than our capital city in West Sussex, they still rank as the highest paying area. In the midlands, east and west, you can expect the average salary for MCSE qualified professionals to be around 25-27,000 pounds. Whilst in South Yorkshire and Manchester, you can expect a little more at around the 28,000 pound mark. Overall, the south of England is offering higher average salaries than in the North and Midland regions.

The most popular job roles for Microsoft qualified professionals include Consultant, Analyst, Support Engineer, Support Analyst and Systems Engineer. The least jobs in the I.T field include, Network Engineer, Desktop Support and Infrastructure Engineer.

With a MCSE certification, you can apply for numerous roles throughout the U.K. Microsoft certifications are considered by most I.T businesses and employers to be the best qualification out there for I.T professionals, even over a degree.

Adverse Credit Mortgage – Know Your Stuff, Part 2

In the previous article ‘Bad Credit Mortgage – Know Your Stuff’ Part 1, we looked at what a bad credit mortgage is and briefly looked at the differences between a ‘normal mortgage’ and a ‘bad credit mortgage’, in this article we are going to look at what could cause someone to have bad credit.

There are a plenty of reasons why adverse credit comes about and why someone with adverse credit would want to mortgage, and there are a huge number of lenders wanting to lend and specialist brokers able to offer excellent advice with their client’s best interest at heart, any broker who has spent more than a few years in the sub prime market will be familiar with the examples below of how bad credit comes about.

In no particular order:

  • Forced redundancy or drop in salary I come across this more than I would like to, through no fault of the borrower their income has been reduced, less money coming in means less money to service bills which can result in payments being missed, thankfully a lot of the people I speak to who have experienced this have managed to increase their income, but the damage to their credit has already been done.
  • Death or major illness in the family This is not as common but we have come across it, understandably everything else takes a back seat including paying the bills.
  • Separation or divorce Obvious to see why this would have a major impact on finances resulting in credit problems, especially if there are joint bank accounts, joint loans etc.
  • Self employment Being self employed can seem like a dream come true for many, the reality is that most people underestimate the work involved and the time it takes to generate sustainable income streams, the early months or years can often see peoples credit suffering whilst a new business is getting off the ground.
  • People simply take on too much debt Whilst this is a legitimate reason, I have found that most people were able to service the debts when they took them out, but something happened, hence they took on too much (in hindsight they probably wouldn’t have). There are obviously people who just keep stacking up debt after debt after debt and to hell with the consequences until they get to the point that they can no longer service the repayments and, whilst I understand the reasoning behind the sayings ‘they just kept approving my loans and credit cards’ or ‘the lender pushed it on me’, I would suggest that common sense be brought into the equation, I am all for a sympathetic ear but sorry folks, we have to draw the line somewhere.
  • You may be classed as a ‘non-standard credit risk’ According to Datamonitor, the independent market analyst, at least one in five adults in the UK are said to be non-standard. They may include the self-employed, unable to provide sufficient proof of income or people who have an outstanding county court judgment (CCJ) against them or have had their homes repossessed for non-payment of mortgage or some other form of bad credit.

From my experience the above would cover the main reasons someone may have credit problems. Looking at it deeper, such as the individual types of bad credit (defaults, CCJ’s etc) would take away from what we are trying to do here; whilst one or two of the situations may be familiar to you its blatantly obvious that no one article can cover all occurrences, however you may benefit from reading the article to follow which focuses on how your credit problems may be viewed by the lender and how the ‘credit crunch’ has generally effected the adverse credit mortgage products throughout the UK, we will briefly be covering the different types of impaired credit and how they may restrict any borrowing for mortgage purposes.