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Important Qualities Appraised In A Typical Interview Assessment The following appraisal qualities are often found in the assessment forms used by global financial institutions in the interview process. We provide the perspective as to how they are important and relevant to the financial industry.
Intellect and Analytic Competence
The market participants of the global financial industry are often overwhelmed by a huge amount and variety of information coming to them at a “high speed? It is important to be able to determine what is significant and what is not. In an efficient market, it is fair to assume that all professionals have equal access to publicly disseminated information, and the differentiating point is how the information is being analyzed and used.
For people involved in more quantitative-oriented work such as derivative product specialist, arbitrage trading, financial modeling and quantitative strategist, the analytic ability is crucial as these areas often involve multiple products and markets, where the interaction between them are highly technical and complex in nature.
Leadership Quality
Leadership is a highly cherished quality that is rarely found. Given that this is a well-paid industry, it generally takes only three to five years for outstanding people to be noticed. Many good traders, salespeople, investment banker and investment analysts are good producers, and get good remuneration for the revenue or profits generated. However, they are not necessarily people with good leadership quality. Managing people with big egos, in a fast-paced environment, can be quite a challenge. People who have all the factors needed to be a good producer coupled with visible leadership qualities are very much in demand.
Creativity and Innovation
Most of the products and services of financial industry do not exist in a physical form as they are manifested in the form of book entries, confirmations, account statement and transfer of funds. Unlike other consumer products, value propositions of this business are mostly explained in words, numbers, tables and graphs, distilled from complicated financial modeling techniques applied on the unpredictable and volatile global financial markets. Many of the new financial products come from people who are able to identify opportunities, spot market trends, and develop creative strategies to take advantage of it.
A good illustration of this attribute is a recent development by Goldman Sachs and Deutsche Bank. Economic data and statistics are a common “sight?in the financial markets of every country. In late October 2002, Goldman Sachs and Deutsche launched a series of new financial products termed “economic derivatives? These instruments are options based on the U.S. Bureau of Labor Statistics?non-farm payroll data and the Institute for Supply Management’s manufacturing data. The ingenuity of the people from these two global financial institutions have turned these mundane monthly statistics into something where portfolio managers may use to hedge against surprises; or speculators and traders may use them for a directional bet.
Problem-solving Capability
Professionals in the financial industry provide solutions to governments, private enterprises, corporations, high net-worth individuals and retail clients to address their financial needs and aspirations. Whatever the exact needs may be, it is always dovetailed to the financial and capital markets within a definable time period. Whatever your strategy may be, it has to work out according to what has been purportedly intended. The financial markets are continuously traded during trading days, and an intended strategy will be subjected to so many factors that could influence the pricing. Thus the ability to solve problems, provide good and executable solutions that can withstand the market fluctuations is key to winning the approval and future businesses from customers.
Good Judgement
The securities and financial industry is probably one of the most highly regulated industries in the world. Many of these rules and regulations mainly stem from:
1. the industry’s pivotal role on the economy;
2. the trend towards disclosure-based environment and self-regulatory by industry professional bodies;
3. ensuring that the marketplace is fair, efficient and transparent;
4. protecting the public at large.
Hence, the ability to exercise good judgment is essential to everyone working in the financial industry, be it the usage of information, management of conflict of interests, observing trading rules, managing client's expectation, disclosure of investment risks, segregation of clients' funds, fiduciary responsibilities, etc.
Team Orientation
Whether you are an institutional salesperson covering global fund managers, or part of a mergers and acquisitions team working on a cross-boarder telecommunication transaction, or an investment analyst covering the pharmaceutical sector, you are inextricably linked to a team environment where division of labor, sharing of information, and contribution of ideas by everyone is essential to the final success of the project. For the case of institutional sales, fund managers have long propagated the idea of voting sell-side brokerage firms by the performance of the team instead of individual salesperson. The outcome of the votes will determine which firms are on their tier-one brokers list and be rewarded with commission dollars given out at each assessment period. Under this business environment, you need everyone on the team, including salesperson covering the respective markets, research analysts, and sales traders to work closely and effectively in order to receive high marks. On client coverage, this will involve servicing the portfolio managers, buy-side research analyst and buy-side traders.
Communication Skills
Many of the important figures and concepts in the business are communicated verbally. With all the terminologies, concepts, financial mathematics, accounting rules, tax regulations, different type of instruments, it is essential that market professionals are able to communicate with each other with clarity and accuracy. For those who are advising clients directly, it is even more crucial that they are able to distill complex ideas and transactions into layman language. Good communication can help tremendously to improve the efficiency of a sales effort and avoid unnecessary misunderstanding. Many of the litigations in the financial industry were often due to miscommunication and alleged misrepresentation.
Priority Setting Ability
Recognize the most important issues and make effective plans. Have the ability to handle multiple tasks and conflicting objectives with a sense of balance. When it comes to the financial markets, timing is of paramount importance. We have the market (whatever instrument types) where prices move constantly; new information evolves continuously; clients' needs and expectation change frequently, etc. We have to manage all these responsibilities concurrently. However, many of these activities are required to be carried out in precise timing. The challenge is how to prioritize the various tasks to achieve the desired results.
Initiative
People with good initiative do not wait for instruction passively. They always think ahead and do not take the obvious as answer. Professionals working in the global financial industry have to be on the constant lookout for emerging new trends and changes in the environment, gather the new facts, appraise the situation and respond swiftly to the circumstance.
Imagination versus Sense of Reality
“Think out of the box? Cultivate a fertile mind by generating new ideas, but have a good sense of the realistic environment. Be able to set attainable goals or propose practical solutions.
Resourcefulness
This refers to the capacity to pool resources together in problem solving or attending to needs. Other than the pre-packaged off-the-shelf solutions targeting at identified needs, many of the financial services, advice and solutions involved multiple disciplinary expertise. A good banker is able to tap the resources within the organization to assist his clients.
Mental Toughness
Long hours, market volatility, unpredictability and high stress are some of the situations that characterized the working environment in the global financial markets. For example, the Nasdaq Composite index has fallen off from the all-time high of 4,900 in March 2000 to about 1,200 in August 2002, wiping out trillions dollar worth of asset in the U.S. and worldwide. If you are in the asset management, private banking or securities sales business, surely you will be shaken. At the same time, there are many clients out there who are angry and devastated by their losses in mutual funds, brokerage account or managed account. You must maintain calm and have the mental toughness to carry out your duty to handhold your clients, communicate with them and provide them with the necessary information and guide them through this greatest bear market since the 1973-1974.
Adaptability/Flexibility
It is rather common where experienced professionals are posted to different locations to start an operation or to broaden the depth of his business experience. In fact, this is often an important step in one’s career development. Looking for people that are adaptable and flexible are essential to expand the reach and capability of any organization, especially in the financial industry, as market sentiment, business opportunities and capital flow are often unpredictable. Perhaps, a good way to sum it up is “change is the only constant in the financial industry? |
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发表于 2007-12-9 11:23
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