Young Observer is proud to share eleven student’s reports on careers in the financial industry in Bermuda. Over the last couple of weeks these eleven youth reporters have been work shadowing executives in the financial industry.The Bermuda Education Network (BEN) coordinated the Math Springboard programme. Their partnering organisations were: Montpelier Re, KPMG, AON Insurance, Allied World Assurance Company, Sirius International Insurance Group and Partner Re.How to make a career choice when you have no idea what you want to do?By Kenszo IrisWhen you are on the road trying to find a career its simple; you must find your strengths and push towards them. You must find something you enjoy and won’t mind doing for the rest of your life.There are a few steps you can take that will help put you on the right track to finding what you want to do.The first step is: think about where you want to be in five years. Visualising about your success can help you find out what you like doing most.Second, volunteer at an organisation or take advantage of work shadow programs. Applying for work shadow programmes, like the BEN Math Springboard Program, brings you to workplaces that will teach you something new and will give you a great starting point to finding a career.Third, find a hobby or a project to do. Finding something you like to do as a side project can help you form ideas about yourself, your skills and your personality.If you don’t find what you’re looking for on the first try do not be discouraged and keep trying new things. You must never give up on the road to finding a career.Finding out about “you” is the key to this process. You can’t find a career that is right for you if it doesn’t fit your personality or give you joy.For example, if you’re the type of person who likes to convince people to do things, then you may want to consider becoming a negotiator or broker or perhaps a lawyer.No one said deciding what you want to do for the rest of your life would be easy. Finding a career path that is right for you is the hardest decision you will probably make in the next few years.So if you are still lost and can’t find what you wish to do, you should know that it’s all right to be lost.Even when you are lost keep yourself available and keep doing something. As long as you are doing something that means that you are accomplishing something. Never let yourself be lazy; always keep yourself on track with finding your strengths and trying new things.If you waste time sitting around worrying and doing nothing then you will be even farther away from finding your career. A job doesn’t come to you; you need to go to the job.If there is one thing I learned in this programme, it is that taking risk is something we do everyday and finding a career requires you take some risk. Don’t skip the opportunities that come your way, they will help you find something you like. Never stop on your pursuit of career happiness.Five myths about choosing a career in the Financial Services Industry in BermudaBy Marcus HenschkeThere are many ideas and assumptions floating around about The Financial Service Industry and quite frankly many of them are false. After doing research and interviewing people around my workplace I was able to get to the bottom of things.Myth 1 — Workers in the finance sector have a job for life. This is far from true. The finance sector has lost thousands of jobs in the past five years, more than any other industrial sector. However, there are fresh workers out of college eager to get jobs and they are cheaper to employ, which can be a good thing for many of us entering the job market in the next few years.Myth 2 — People who go into banking or finance have sold their souls for big bucks and glamour. Yes one perk of working in finance is making a lot of money but when you ask workers what they love about their job most, money usually doesn’t top their list.They usually reply saying they love being able to work alongside intelligent people or that they love the fact they learn new things everyday or that they like the feeling of accomplishment when they finish something.Myth 3 — A career in financial services means you work such incredible hours that it’s impossible to have a life outside of work, much less a family. Now this myth is somewhat true. After researching, I found out that most people in finance do work long hours.But the hours are usually worse when you first start working. They get better as you move on. Most people in the industry will tell you that you get better juggling your work and home life as you progress in your career, but you should always be mindful of that.Myth 4 — You have to be some kind of math genius to be successful in these jobs. The are many jobs in the financial services sector that don’t require you to be a math genius to be successful, but you do have to be competent in numeracy. This does require a level of academic achievement, but if you are willing to put in the work to learn it, this may be the career sector for you.Myth 5 — Being a woman hurts your chances to get a good job in financial services and, beyond that, it keeps you from advancing. This is false. Yes, women are usually the minority in finance businesses, but not in Bermuda.In Bermuda women make up 50 percent of the workforce with their median gross income at $60,759 compared to men at $59,465 with the financial services sector in Bermuda offering many opportunities for women.Women in Bermuda have taken the initiative and have worked tremendously hard to get to where they are today.The fact that their median gross income is higher then men in Bermuda is unique to this island and shows that women have good opportunities for employment and career advancement here.How to make a good first impressionWhat you need to know and do before, during and after the interview that will make them remember youBy Clevon Cunningham and Noah McHardyIn an interview, it is most important that you make a great first impression. You have to make the interviewer remember you in a positive way. After interviewing the Human Resources department at AWAC (Allied World Assurance Company) they assisted us with good tips on making a great first impression.One recommendation they told us was to always come with questions to ask. The questions should not only be about the job, but also the company itself. This helps to show them about your interest in the occupation and to demonstrate that you did your research.Also, before an interview, always make sure to secure your location, review things such as parking or route, and to be on time, not too early, but not too late. According to them, one way to leave a bad impression is to call five minutes before an interview asking where the building is.This shows them bad preparation skills. Moreover, make sure that every piece of clothing is ironed and every hair is combed, this helps the interviewer to remember you as being a tidy person.“You can never be overdressed for an interview”, quoted the Human Resources Manager of AWAC.During the interview, attempt to make eye contact as much as possible, and try to seem interested in the conversations, no matter how boring you may find them. Furthermore, during the interview try not stutter a lot or say filler words like “um” or “ah”.You should likewise try to answer questions precise and quickly get to the point. You can overcome this by rehearsing interviews at home, preferably in a mirror to help you work on your appearance and posture.This is highly recommended, as there are thousands of practice interview questions available on the internet. Lastly, always come prepared. The worse thing to do in an interview is to leave your resume home.But, a job interview doesn’t end with the meeting and first impression. The important thing you have to remember is that you are marketing yourself.You shouldn’t aim for a job that you are not interested in.After an interview, you should always give yourself an assessment of how you think the interview went and what you can improve for next time.Furthermore, after the interview a good way to let the hiring manger know that you are truly interested is to follow up with that person via e-mail or phone call. It shows that you are not lazy and that you are really keen about the job.Another thing to do after the interview is to ask when they are going to make the hiring decision. Also, give them a small thank you for the interview as they are looking for someone with good people skills. Immediately after the interview you should send in your references. Remember, your goal is to make your mark without seeming desperate.Personal Marketing StrategyHow to approach your job search as if you are marketing yourselfBy Denar JohnsonWhen you’re in need of a job, trying your hardest to get it may not be enough as there are other people who may be trying to apply for the same job as you. These days you need to think outside the box and develop your own personal marketing strategy.A personal marketing strategy is just like what it sounds, a way to market yourself to perspective employers so that your product (that would be you and your skills) get hired over someone else.Say if I was a manager and you want me to hire you. I would want you to do your best. I want you to impress me, make me feel inspired and excited.Have me feeling comfortable about you being in my workplace. Just like you feel when you see an exciting product on television.You want to run out and buy it immediately, because you feel excited and impressed by it, maybe even inspired to have it. But most importantly you feel comfortable having it your home.So how do you go about ensuring your perspective employer will feel the same way about you?Just like in a good marketing campaign you need to locate who your customers are or in this case your perspective employers. Research what they are looking for or in this case match your interests to jobs and companies looking for candidates like you, and finally produce a sales pitch (your resume and cover letter) that really sells your product.Once you have landed the interview it is important to continue marketing yourself by showing yourself in the best light. You should be dressed smart, not for happy hour or a club.Have a nice firm handshake with good communication skills and excellent eye contact. That means not looking at your phone or outside the window. Also, it is important that you sit with proper posture and body language.Finally, I would try to make as many calls and interviews as I can, because the best marketing campaigns reach the most number of people.Getting dressed for a job interviewAppropriate clothing choices that will help you land the jobBy Jazz ShiellWhen getting dressed for an interview an applicant should always look appropriate and suitable for the job they are applying for. With this in mind your clothes should always be ironed, tucked in and your hair combed. One of the key phrases that we were given at BEN was to “dress for the office, not happy hour”.Always remember that the first impression you make on a potential employer is the most important one. The first judgment an interviewer makes on an applicant is going to be based on how you look and what you are wearing.In many cases, it is still important to dress professionally for a job interview, regardless of the work environment. At all times you want that first impression to be not just a good one, but, a great one. In general, the candidate dressed in a suit and tie is going to make a much better impression than the candidate dressed in scruffy jeans and a T-shirt.When you dress for an interview, how you accessorise is also important. When wearing accessories to an interview, less is better.It’s important not to overdo the accessories — you don’t want to make too much of an impression. It’s also important to choose accessories that will enhance your interview attire — not overwhelm itFor Menn Button down shirts, collared sports shirts (no logos, e.g., golf shirt/polo shirt), sweaters and cardigansn Bermuda length shorts with knee socks or casual pants (Dockers, khakis)n Flat shoes/loafersFor Womenn Dress pants/khakis/shirts/dresses or Bermuda length shortsn Flat shoes/low (two inch) heels/dress sandalsInappropriate clothing includesn T-shirts, any shirt with logos, sweatshirtsn Jeans, denim of any kind or colourn Leggings, sweatpants, athletic pantsn Short shorts, sport shorts, short skirts and short low cut dresses or any overly tight clothingn Boating or deck shoes (Docksiders etc), athletic shoes, sneakers or river sandals or flip flopsn Baseball caps or hats of any kind.Resume Writing BasicsHow to write a resume that will get you the interviewBy Kai FrancisA resume is a written document that summaries your experiences and skills relevant to the job to which you apply. When writing a resume you must have a few key components:You should have a career objective that summarises your career goals; a work experience section which details the companies you worked for, dates of employment, the positions held and a bulleted list of responsibilities and achievements; an educational background section which lists the schools you attended, the degrees you attained, and any special awards and honours you earned.Also include professional development course work and certifications; the skills section is where you include your abilities that are related to the jobs you are applying for. Include skills that are relevant to the position/career field that you are interested in i.e. computer skills, software skills, and language skills.It is important to include all your contact information on your resume so that potential employers can easily get in touch with you. Include your full name, street address, home telephone number, cell phone number, and e-mail address.Your resume should include the same keywords that appear in the job descriptions. That way, you will increase your chances of your resume matching available positions and thus you being selected for an interview.Always proofread your resume to ensure there are no errors as this could affect your chances of being selected for an interview never mind being hired. It is also a good idea to let someone else proofread it, like your English teacher.Key things to avoid:n Avoid using slang and cryptic words such as those used when testing or messaging a friend.n Avoid using fancy designs; keep the layout simple and uncluttered.n Never put false information in your resume.These are just some tips to help you write a good resume.Career BriefsActuaryBy Niambi LandyThe Math Springboard Program permitted S2 students to learn a lot about people who work in the insurance companies, especially actuaries. An actuary is a business professional that analyses the financial consequences of risk.They use information from the past and attempt to figure out the uncertain events that might happen in the future. There is more than one kind of actuary. You can be a life or non-life actuary. You can also work with the pricing, reserve or enterprise area of a company.An actuary’s job deals with mainly mathematics and some may even call them the ‘Human Calculators’. Depending on where they go to school, studying to be an actuary can take about six to ten years and you would have to take and pass about nine major exams.While in university, they have to take many courses, for example, calculus, accounting, statistics, finance and many more. Many actuaries encourage teenagers who are looking to pursue a career in this field to do many other things like internships, in order for them to shadow people and also to find out the day-to-day basic skills that are needed.Once someone has a degree in Actuarial Science, it opens many doors for them as many companies look to have one working for them. Also, they are able to work for any company in any part of the world. The median annual salary for an actuary in Bermuda is $113,000.UnderwriterBy Husna FarooquiUnderwriters are people who decide which risks their companies can take. They also work out terms of agreements and rates (ie prices and contracts) that will produce optimum results for their customers and their company.Underwriters make many important decisions in a company and they can help it fly or cause it to sink. In order to pursue this career, there are many characteristics you must possess. You must be:n Very analytical.n Have a good knowledge of Math.n Knowledgeable of financial structures.n Outgoing.n Critical thinkers.n Knowledgeable of legal aspects i.e. contracts.n A problem solver.In fact, many of these traits are what an actual underwriter considers to be part of the job description.As with any job there are also requirements to obtain it. In actuality, there is no specific degree to attain. Many underwriters come from a variety of backgrounds. For example, some underwriters have an engineering or history background.However, it is suggestible for you to acquire a bachelor’s degree in either law or mathematics. Most importantly, you must have attended college until you received at least a bachelor’s degree.Other requirements include some experience in an insurance company or receiving some other form of training in the field.In this job there are also opportunities to advance in the field. You can become a manager of a branch or subdivision in your company. You may also become the president, vice president or assistant vice president in underwriting; all of which pays very well.As an underwriter, your earnings will increase as you move up the ranks. This salary is approximately from as little as $82,000 — $350,000 depending on your rank as an underwriter.Also you may be able to receive a bonus if your company performs well because of you or you have had an outstanding performance throughout the year. These bonuses vary from ten to 60 percent of the base salary, depending on your rank.AccountantBy Brianna PachecoAccountants are part of a business’s financial division. An accountant’s job is to report financial reports for the company and insert information into the accounting system.They also record the company’s expenses and profits. The accounting cycle is the collection of the three stages, which are data collection, data processing and reporting.This takes place over the period of one month and the same accounting process is repeated each month. On a daily basis, accountants prepare special financial reports by collecting, analysing, and summarising account information.There are many qualifications to become an accountant. One qualification is to have an accounting degree. In order to have an accounting degree you must go to college for three to four years to become a Certified Accountant or a Certified Public Accountant.The experience that would be taken as a CA or a CPA is by spending a minimum of ten hours each day for five days a week as an intern for at least two years. However, this gives you a good advantage because it makes it easier to approach the big companies if you have two years of experience behind you.Accounting students have a better advantage to be hired than other professions. The salary of an accountant is between $40,000 to $125,000 and increases over time.The main qualifications to become an accountant are to have good numeracy skills, organisational skills, multitasking skills, and computer skills such as Microsoft Excel.There are many types of jobs in the accounting field such as a book-keeper. A book-keeper keeps records of all financial transactions.There is also a tax and payroll accountant. A tax accountant is in charge of preparing the company’s taxes while a payroll accountant is in charge of preparing the company’s employee payroll.If you do want to become an accountant, my advice would be to start small to get your basic skills. There are many places an student interested in accounting can work to get the basic skills needed.You can take accounting or personal finance classes in your school. You can volunteer to work at a business such as the aquarium to manage and organise their cashbook. Another way is to take computer classes to get your computer skills in Microsoft Excel.There are a number of accounting firms on the island that would be a good place for you to start networking.Contact their HR department and ask if they would be interested in talking to you about your desire to pursue a career in the accounting field. I have found that many of the people I work shadowed with are more than willing to spend time talking to students about their careers.Credit ManagerBy Latisha FrancisAs a credit manager, it would be your job to protect your employer’s finances by controlling the credit offered and managing the debts that the clients/customers owe. Credit managers might be employed for a finance company, or for any company that sells goods or services.Commercial credit deals with business customers and consumer credit deals with credit.The role of a credit manager is to motivate the staff in order to achieve collections targets. Also check effective collection of company debt. They manage relationships with the clients in order to reduce exposure to potential bad debt.They introduce effective reporting and assessment tools to minimise risk and identify problem areas and customers. They prepare weekly cash forecasts including customer collections.On a monthly basis they report to the financial controller on outstanding accounts.On a regular day a credit manager would check customer’s credit rating with banks and credit reference agencies and deciding whether to offer credit.Also they set up the terms of credit and making sure that the customer pays on time. They control bad debt exposure and expenses. They are very busy people and have lots of examinations and calculations to do.There are many opportunities for a credit manager; you could work for businesses in many sectors, including banking, retail, manufacturing and service industries.With experience, you could progress into senior general management or move to a larger company. Also you could move in other financial areas like accountancy.To be a credit manager a degree in economics, finance, accounting or business administration is preferred. Most skills are taught over the course of employment.The annual salary ranges between $70,000 and $95,000, in some cases $110,000. The higher you are in management the more you earn.