Smith Experts Offer Tips on Navigating Your Career During a Financial Crisis

In a continued effort to foster understanding and curb worry in these times of financial uncertainty, the Robert H. Smith School of Business hosted its second Financial Town Hall meeting on Oct. 31, 2008. Focused on the theme of “Navigating your Career during a Financial Crisis,” top Smith alumni, professors and staff imparted practical wisdom on a gathered crowd of current students and alumni.

As students focusing in finance express the most anxiety in the current financial climate, professor and chair of the department of finance, Alex Triantis, introduced a breadth of new MBA finance electives specially designed to aid functionality in a tumultuous economy after graduation. A smattering of the new electives include: Entrepreneurial Finance and Private Equity (BUSI 647), Valuation in Corporate Finance (BUFN 750), Financial Restructuring (BUFN 752), Corporate Governance (BUFN 753), and Corporate Risk Management (BUFN 754). Triantis attempted to assuage the unease of the finance MBAs by assuring them that current layoffs are only affecting higher-paid individuals, and as newly minted MBAs, they will be more affordable to hire, and will have the “best, most up-to-date skills,” making them more marketable than those currently in the job force. (see video)
 

Tyser Distinguished Teaching Fellow and Senior Executive Education Fellow Joyce Russell introduced “Negotiating Tips for Today’s Economy.” Russell stressed that just because the economy is in a downturn, it doesn’t mean Smith graduates can’t negotiate a competitive salary or benefits package, so long as they do it the “right” way. Most importantly, Russell pointed out that “all future raises are often tied to [your] starting salary,” and that a higher starting salary is “the gift that keeps on giving.” General tips to attaining this seemingly elusive competitive starting salary included: Be proactive; Network aggressively; Be open-minded and flexible about location, hours and travel; Stay strong and professional; and think about how you “add value” to the firm. Perhaps the most important piece of advice Russell offered was to make sure that any resume submitted to a company is absolutely 100 percent accurate, as a false blip on one’s resume can immediately kill the hiring process. Also, she warns to stay away from discussing specific salary figures until the end of the interview process so the company has a chance to “fall in love” with the candidate first. (see video)
 
Once a prospective employee has their foot in the door, and a position is offered, Russell says there are many resources for successfully negotiating a salary, citing that eighty to ninety percent of human resources professionals say salaries are negotiable. To negotiate a higher starting salary, she suggests researching salary information online, researching the company, talking to recruiters and headhunters, and contacting professional associations, such as Weddle’s Association List. Also, don’t forget to negotiate other compensation, such as an accelerated performance review, a signing bonus and a performance bonus.
 
Russell closed by admonishing students to remember to support their requests with concrete and measurable examples of how they will increase their value to the company. She also offered hope, telling students to “keep [their] cool during times of economic uncertainty,” and to “Be confident, patient and persistent.”
 
Switching her role as moderator for the panel of Smith alumni, Russell welcomed many distinguished guests to the Smith School: Jonathan Abbett ’84, president, Financial Advantage Associates; Lisa Cines ’81, managing director, Aronson & Company; Shiva Fritsch, EMBA ’08, associate director of organization and leadership development, Human Genome Sciences, Inc.; Chris Hiltbrand, EMBA ’07, senior HR business partner, SAIC; Thomas A. Nida, executive vice president, United Bank; John T. Mulligan, MBA ’02, vice president of underwriting, ICI Mutual Insurance Company; and Dontá L. Wilson, EMBA ’05, president, BB&T.
 
Wilson fielded the first question, saying that the landscape of the economy might be changing, but it’s not necessarily bad; that, like in a garden, roses don’t grow during the winter, but that’s when you plant bulbs, and once the climate changes they bloom beautifully in the spring. Cines continued, citing that in the Washington, D.C., area, her company continues to hire entry-level employees, but warns against taking a job for granted, as unproductive employees are the first to be terminated in an unstable economy. With regard to actually being hired in the current financial situation, Hiltbrand emphasized the importance of a solid resume and online presence in networking communities. Wilson added that networking is one of the most important skills an MBA can learn – that they can build personal relationships to leverage success down the road, as he has done in his own career.
 
From other questions came more advice and experience-sharing. Mulligan shared that when he graduated, the average job offers per MBA had dropped from five to one in less than a year. He coped by seeking out a job in a sector different from the “techie dream” he had hoped for and moving on from there after the financial sector became viable again. Fritsch preached the importance of a self-selling elevator pitch.
 
Perhaps the best piece of advice came in the form of a Wayne Gretzky quote provided by Wilson: “Skate to where the puck is going to be.” All panelists emphasized foresight for the economy, with an undercurrent of hope. The Smith School is here to provide that hope and to provide that vision for students to determine where they should set their sites for future successes.

Amy Taylor, Office of Marketing Communications