Originally posted by: HotChic
Originally posted by: mugs
Originally posted by: HotChic
Nobody I know reads cover letters, and most applicant tracking systems don't have any place for you to put them. Why write a half page of BS when you can put two sentences on your resume and it looks nice and standard?
Why put it on your resume at all?
I think you can make it relevant. Your resume might show IT and finance experience 50-50 but if you really want to be in finance and can't stand the thought of working another five minutes in IT, that's what the objective is for. It just helps the reader know what you want to do. You can also use it to give an idea of what you bring to the job (usually the more intangible qualities), a quick skill summary, convey enthusiasm, and/or describe the environment you are looking for.
Your resume is your resume, it lists what you have done, not what you want to do. The cover letter shows that.
I personally worked in IT as helpdesk/unix sysadmin for 3 years in undergrad with a pysch/history BS. I went straight into grad school, intending to do IT, but found out I loved Finance. The summer after my 1st year I got an internship with Seagate as a Finance/IT intern looking at their financial IT systems, verifying results, and recommending changes.
Half way through my 2nd year I got hired by the president of my school to do graduate research for him. I got hired because I knew excel like the back of my hand and knew how to manipulate and extract data, but I also liked finance and knew how to write. So another student and I did research on companies, interviews, and wrote a research paper about corporate values/governance and financial performance.
My first "major" job was doing securitization (structured finance) work for a smaller company owned by a large conglomerate. I was hired because I knew databases and I knew finance. The company needed me to figure out how to best extract data from a mainframe and put it into usable formats utilizing financial modeling and structuring techniques. I was damn good at it too and I saved the company millions.
My 2nd job departed from that and was more legal and less data and finance, I hated it and left within a year.
I received my CFA charter last year.
Now I work in securitization at an investment bank, structuring, legal, data, everything that I love and cherish.
Finance is not just about adding or subtracting. It's not just about modern portfolio theory or investing stocks. It's about understanding risk and return using your judgement on how to gauge risk while demanding a return. Where I am, I need to gauge risk by looking at performance of loan/lease pools, determining how they perform in the long-run, and guaging the risk of losing money. Ultimately that leads us to charge risk premiums on our financing.
This requires knowledge of how to model cash flows in excel, how to slice and dice data in Excel or Access, and what data you need from what type of database source. Finally, it requires logical thinking of statistics.
I love my job because I don't sit around adding and subtracting numbers, I get to look at thinks from a macro perspective on industry risk down to a micro perspective on how companies collect money from the people that owe them, and how that relates to how I am going to lend money to that company.
Find your niche and hit it hard. Whether that's Finance with an IT slant, go for it because that blend of people are in high demand on Wall Street.