The finance industry – and all other industries – are much different now than they were prior to the new millennium. Recent reforms, crashes and other significant events have left the finance sector in an entirely different place than it was in when most veterans entered it. This is something you have to take in consideration when filling out applications for hedge fund jobs, investor relations jobs and other positions that have been affected significantly by economic downturns. With the help and advice of industry experts, however, navigating through the troubled waters of the modern finance industry can be a walk in the park.
So OneWire CEO Skiddy von Stade went to speak with a number of different finance professionals – as well as with one extremely popular NHL player – to find out exactly what has changed in the past years.
1. Smaller businesses and organizations are obtaining a larger share of the market
"I still think a lot of [opportunity] is in the alternative asset investment business. Because it's amazing how small it is … I think different types of financing will be done by more innovative smaller companies [in the future] … I think that means its harder for people to find [jobs], they're going to need institutions like [OneWire] … but that's where I think you're going to continue to see growth." – Brian Walsh, Chairman and CIO, Saguenay Capital
2. Social media and other online modes of communication are incredibly important
"I think ever since social media and all that stuff has come out, a lot of players have taken to that … to grow individually, [as well as with] their team … that's the biggest change I've seen in the business of hockey since I've been around." – Brad Richards, Chicago Black Hawks
3. Businesses are going international
"I think the world is still a big place. The [private equity] business used to be just in the U.S., just in New York, just a manufacturing business. And it's really grown. It's now an international business. I think the ability to add value as an owner to a business in a private setting is still a very compelling conversation … all sorts of people want to do things with their company … I think if you can do things privately, often you've allowed the management team to pursue different strategies." – Tom Murphy, Co-Founder, Crestview
4. Finding jobs and maintaining employment will continue to be a growing challenge – so you'll need to diversify your interests
"The world of commerce – the professional world – will get harder and harder [to work in]. Domestically, it's [now] more competitive. As U.S. President Barack Obama said recently, to a group of kids he was talking to 'while you're listening to me, somewhere, other people are working hard.'"
"The danger is to become narrow, and to focus only on work. In our experience, that doesn't make you better at your work, it just makes you work longer. Have interests. Have passions. Become an interesting person who knows things – and not just how a balance sheet works. Be engaged with the world!" – Jeffrey Leeds, president and co-founder, Leeds Equity Partners