How to Get a Job on Wall Street

Today's seniors and even juniors (the class of 2010) are facing a similar environment to the one I faced. Here are my recommendations to those students:

• Don't get frustrated by the lack of sales, trading, investment banking or investment management job availability. Those things simply are not there. Instead, try to get into a top financial organization through support jobs (middle or back office) that are attached to operating units you aspire to a career in, such as equity, debt, mergers or hedge funds. Look for positions in the accounting, operations, risk management or compliance departments, for example. Many people have risen through the ranks of these organizations to successful and high level positions.
• There are plenty of jobs in U.S. cities other than New York. Chicago is the center of the universe for commodity and futures trading. Connecticut is a popular state for insurance companies. There is a big hedge fund community in the Dallas-Fort Worth area. If you are willing to relocate and search outside of the financial capital of the world, you might be more successful at gaining employment than if you stayed in the Big Apple.
• I lived and worked in Tokyo and London for many years in the early part of my career. I met many young professionals who took a chance and moved from their home countries seeking opportunities for English-speaking people at foreign firms. There are emerging markets in Latin America and China that could offer unique entry-level opportunities for young professionals not available to them in the U.S. Experience overseas at an early age could pay handsomely upon repatriation. Thus, adventurous risk takers might want to look overseas.
• Consider getting an advanced degree. A master's in economics or business administration (MBA) could be an excellent means to increase your marketability and gain more knowledge while waiting for the financial markets to recover.
• Think about starting your own business. You'd be surprised how many successful businesses have been launched from basements or garages. With no major overhead or commitments (such as a mortgage or family) to carry on your shoulders, now could be the best time in your life to take an entrepreneurial gamble. You and your friends could create the next Facebook, Craigslist, Google (GOOG) , Dell (DELL) or Microsoft (MSFT).

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