The process of applying to graduate schools

By: By Farzana Ghanie, Peers for Careers/SCDC Correspondent
(As originally published in the Ticker: http://ticker.baruchconnect.com/article/the-process-of-applying-to-graduate-schools/)

Senior year is a crucial time for undergraduate students as they are faced with the challenge of making post-graduation decisions and plans. Many seniors choose to seek full-time jobs whereas others decide to apply to graduate school in pursuit of a higher degree.

Although both paths undoubtedly require a great deal of time and preparation, the steps taken to gain admission into graduate school are quite different from those necessary to land a full-time position.

Applying to graduate schools is rigorous and can even seem intimidating. Here are some tips to guarantee a smoother process for students:

Students intending on going graduate school immediately after earning their undergrad degree should begin their application process the summer before senior year.

Think about your reasons for wanting to pursue a graduate degree and decide on what type of degree you’d like to obtain. The entire application process can take months to complete, so the earlier you start, the better.

Graduate school is a commitment, so it is important to acquire as much valuable information as possible in order to make an informed decision. After deciding on a degree and your area of interest, research the various program offerings to ensure the best fit.

Make a list of these schools, attend their information sessions, meet the faculty and speak to current students to gain a deeper insight into the programs. School websites are also a valuable resource.

Some schools even have admissions blogs where a student representative from the admissions office describes his graduate school experience and provides tips on how to be a more attractive applicant. The more familiar you are with the program, the more likely you can target exactly what the school is looking for in your application.

In addition to knowing why you are pursuing a particular program, you also want to understand the requirements of your targeted program. Some programs require a standardized test (GRE, MAT, MCAT, LSAT, GMAT) as well as a personal statement, general application, recommendation letters and additional essays.

Once you’ve completed your research, create a timeline for yourself setting realistic goals and deadlines for each goal. Note that application deadlines are different for each program and school.

Deadlines for Ph.D. programs are generally much earlier than those for master’s programs. It is crucial to plan ahead in order to allow yourself enough time to complete each application thoroughly.

For example, if you need three letters of recommendation, be sure to reach out to your professors or supervisors well in advance and follow up with them continuously to avoid any lapse in communication.

You can help your recommenders write a stellar letter by sharing your resume and personal statement with them. Also, set aside some time to answer any questions they may have about your professional goals and expectations of graduate school.

As a result, your recommenders will be better able to give specific information in their letters. Inform your recommenders of each program’s deadline so they can plan accordingly. You should choose recommenders who know you well enough to speak highly of your work ethic, intellectual abilities and personal qualities.

There are numerous resources on and off campus that may come in handy during your application process. If you are considering applying to graduate school but are not sure if it is the right next step for you, make an appointment with a career counselor at the Starr Career Development Center. Students who are interested in attending law school should make an appointment with Baruch’s pre-law advisor, Tina Coco.

When completing writing samples, such as the personal statement or supplemental essays, consider having it reviewed at Baruch’s Writing Center. Furthermore, reach out to individuals currently enrolled in graduate programs that interest you as well as professionals from the field in which you aspire to be.

Given the many steps involved in this process, it is crucial to make sure you are interested in attending graduate school for the right reasons. Applying to graduate school can be a long and tedious process, but the benefits are priceless.

Opportunities in finance besides investment banking

By Sam Wong, Peers for Careers/SCDC Correspondent
(As originally published in the Ticker: http://ticker.baruchconnect.com/article/opportunities-in-finance-besides-investment-banking/)

Investment banking is challenging, dynamic, fast paced and most importantly, competitive. As a result, investment banking may not be the right fit for everyone.

The hours are long, the work may seem menial, and you may lack control over your time as you get staffed on various deals andprojects. However, there are other options if you are majoring in finance.

Asset management is investing other people’s money and obtaining a fee for the service. There are active (fund managers who try to beat the market) and passive investors (fund managers who track indexes or effectively match market returns).

Being a research analyst out of school includes reading 10-Ks to find company information, updating and maintaining financial models, synthesizing and analyzing external company and industry data, proofreading presentations and research reports, conducting primary research and writing minor research reports.

A research analyst may be promoted to a portfolio managers, whose job is to pick a portfolio of stocks, bonds, or combination of the two, to make the highest returns for investors.

Operational roles within banks or any financial institution involves ensuring that all the divisions function efficiently.

The role is important and needed for a financial institution to function. Primary roles of operations are clearing and settling trades.

Clearing trades involves making sure that the records one bank has kept of the sale of a financial security match those of the bank or organization it sold the security to.

Settlements cover everything from preparing the documentation required for a sale to making sure the bank has been paid for all the shares it has sold and bought.

Senior roles within the operation field include Chief Operating Officer, which is responsible for ensuring that the back and front end of a bank are running efficiently.

Compliance and risk management deal with regulators and risk that a bank exposes itself to. This includes credit risk (the risk of default from a client), market risk (risk of traded financial products changing in value due to market fluctuations) and operational risk (risk of bank losses due to internal factors such as human errors and system breakdowns).

Compliance ensures that the bank is working in line with regulations imposed. Internal audit is the division which undertakes review of all of a bank’s processes from financial audit to technical audit.

Technology plays a differentiating factor in finance. Investment banks, retail banks, investment firms and insurance firms all spend heavily on technology.

Development roles in IT create software in-house for bank use. If software is purchased from outside sources, technology analysts will tailor them for the bank.

Business analysts within the IT role act as the liaison between the IT department and the rest of the company.

Commercial banking involves various banking services offered to large institutions ($25 million and above) and governments. Services offered include loans, cash management, and project financing.

Generally, junior employees wishing to pursue a career in commercial banking start off as credit analysts which review financial statements to decide whether or not to issue loans. Senior roles are more client-focused and revenue generating.

The insurance industry is comprised of four areas: insurers (assess risk and develop products for sale to individuals and corporations), re-insurers (insure insurers against risk of significant losses), insurance brokers (intermediaries who sell insurance) and Lloyds global market (about 80 corporations, individuals, underwriters and financial backers or syndicate who come together to spread risk).

Roles within the insurance include underwriters (involves extensive risk analysis, sifting stats on industries, demographics and clients to prepare a quote), actuaries (produce financial models based on statistical risk which are used by underwriters), agents (salespeople of insurance, who try to find the right product for a client) and claims (where most insurance people work.

Investment banking isn’t the only option for students who want to pursue a career in finance. There are plenty of other financial careers that can be just as fulfilling.

Building your professional network

By Paul Rosario, Peers for Careers/SCDC Correspondent
(As originally published in the Ticker: http://ticker.baruchconnect.com/article/career-corner-building-your-professional-network/)

In the world of business, you’ll often hear the old adage: “It’s not what you know, but rather who you know.” However, with the slump in the current job market and general economic malaise, the saying should now be: “It’s not what you know, but who knows you.”

Having a network is immensely important to your career success. It can help you learn about opportunities, find a job or make a career change.

Before we delve into the topic of networking, we first need to establish its enormous value. A remarkable 65 to 85 percent of jobs are found through networking, according to the Harvard Business Review. This suggests the reality behind the “hidden job market.”

Many jobs are filled through insider referrals, unanticipated hiring, and often, these jobs are not advertised to the public. For the jobs that are publicized on websites such as Monster or Indeed, you can expect 300 other candidates, some more qualified than you, aiming for the same exact position. This demonstrates that you are much more likely to acquire a job through networking than applying online.

Networking is the act of interacting with other people to exchange information and develop contacts, especially to further one’s career. You may have a family network, a friend network, a colleague network or a sports team network.

People in these networks are often those with whom you have something in common, whether you’re in the same family, share a passion for basketball or attend the same college.

The aim of networking is to establish relationships with people who will aid you in achieving your short-term or long-term goals and fostering those relationships. You want to stay in touch whether through shooting monthly emails, grabbing a cup of coffee or even sending a holiday card.

It is important to understand how to leverage your connections and connect them to the career realm. As an underclassman, you can simply reach out to juniors and seniors to learn about their career goals and internship experiences.

As an upperclassman, you can do the same by speaking to recent graduates to get advice on acquiring that full-time offer. If you want deeper insight from an industry professional, you can go on informational interviews.

You can get introduced through someone in your own network or even use LinkedIn to reach out and obtain informational interviews. In the case of informational interviews, it is important to remember that you are not there to ask about a job but to learn from the professional.

Another way to connect your network with the career world is to obtain referrals from those in your existing networks. Those that you already know—a supervisor, coworker, friend or classmate—can refer you to someone else.

Baruch College creates many opportunities for you to network with professionals in your career of interest. I suggest joining a few clubs, maybe one for recreational purpose and another pertaining to your major.

There are several business fraternities and sororities, as well as professional student-club organizations in Baruch, which you have, access to. These clubs and organizations often host events where they invite professionals to lead or participate.

The Starr Career Development Center (SCDC) also invites companies to lead corporate presentations in which you can learn about the company and network with professionals. There are also career fairs in which over 40 companies are invited to meet with students and recruit them.

The SCDC also partners with Baruch’s on-campus mentoring program, Executives on Campus, for their mentoring events.

These opportunities include “Mentor for a Morning” and “Mentor for an Evening,” which are mini-mentoring sessions to speak to seasoned industry professionals in your field of interest, and the Executive Student Partnership program, which is their year-long mentoring opportunity.

If the idea of networking sounds a bit daunting to you, SCDC offers workshops to calm anxieties and provide you with the tools to network successfully.

Baruch creates many opportunities for students to network. Now all you have to do is go out there and do it. It’s the same principle you’ve been applying to your entire life: finding a relationship that works and working on it.

New tool uses personal traits for career advice

By Alina Nesterenko, Peers for Careers/SCDC Correspondent
(As originally published in the Ticker: http://ticker.baruchconnect.com/article/career-corner-new-tool-uses-personal-traits-for-career-advice/)

Not sure about what major or which career path to take? Have you logged into Baruch’s new career and educational planning system?

If not, you’re missing out! Focus 2 is a Starr Career Development Center initiative designed to help students get exposed to different majors and occupations through a self-guided process.

The system assesses the best major and career for an individual from his or her interests, values, skills and personality. It also allows a student to explore careers with which he or she has less familiarity.

Focus 2 is made simple by six key categories in career readiness, focusing on recording your career and educational goals.

To do this, you are asked to identify your strengths and weaknesses as well as your working experience and educational accomplishments.

Under this section, you can also better understand your career planning status and personal development needs.

Self-assessment evaluates your work interest, personality, skills, values and leisure interests, producing a list of occupations and majors based on your combined results.

For the work interest assessment, it breaks down your level of investigative, conventional, social, realistic, enterprising and artistic interests.

Then it shows a list of careers that match your interests. You have the option of not only saving this information but printing it too. By having a better understanding of yourself, you are able to identify careers that match your unique talents and skills.

How is all of this data about you gathered? Focus 2 asks you questions. It takes about five minutes per activity.

Once the questionnaire is completed, Focus 2 generates a summary specifically tailored to your answers.

If at any point you feel that your answers need updating, Focus 2 allows you to go back and change your answers or simply clear everything and start over.

“Explore the Possibilities” is the place to do your research. Focus 2 allows you to search by occupation name or industry.

You have the unique option to compare two occupations side-by-side. From educational requirements, to skills and earnings, to a graph comparing your interest scores versus a particular occupation, you can get great insight into whether an occupation is of interest of you.

Finally, you can view which occupations you can pursue based on any major you select on the site.

“Create a Plan to Obtain Your Objectives” requires a detailed account of your past, present and future plans.

The system will ask you about your areas of study. Have you decided upon a major? Minor? What type of degree are you pursuing? What about internships, past experience, volunteer and your advisor’s information?

The goal is to be able to complete the section that plans ahead and asks about a career objective.

“Career Portfolio” is your career portfolio. It ties all the previous sections together. Here you can retrieve your careers and majors of interest. You have the option to review, restart and print your results.

“Recommended Tools and Websites” encourages you to connect yourself to resources. You will find a link to job boards and internship opportunities. In this section, you can also find a workbook on career and education planning which gives you more details about understanding this online resource.

So how do you access this great tool? Simply log into your Starr Search account. On the right hand-side, you will find the hyperlink to Focus 2 under “Shortcuts.” When you register, it will ask you for your access code.

This unique code can be found also on Starr Search under the center section “Announcements – Additional Resources.”

Look out for upcoming Focus 2 workshops from the Starr Career Development Center.

The first one will be held on Feb. 27 from 5p.m. to 6:30 p.m. Space is limited, so be sure to sign up on Starr Search. Remember, this is an online tool to help you explore your possibilities.

This should not be a substitute for career counseling. Once you have more information about your interests, a career counselor can help you create an action plan to achieve your goals.