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Employer Quotes
The quotes below are from employers in this industry: Financial Services
They are talking about this topic: Occupation-Specific Skills
The quotes below are about this issue:
Knowledge of 401(K)s, personal trusts, Employee Stock Ownership Plans (ESOPs), etc. is needed for those entering banking in trusts.
| "I work in a specialized area in banking in trusts. So, it includes personal trusts and also—on the institutional side—employee benefits, 401(k) plans, ESOPs, that type of service provider. Because it's specialized, we don't find very many people that have the unique skills of preparing fiduciary tax returns, being able to value ESOPs and 401(k) plans. And it's a blend of unique accounting skills, law school, or just industry experience. You don't go to school to be a record-keeper, if you will, or an administrator for 401(k) or ESOP plans. So, we're probably one of the ones that once they get specialized training within an accounting firm, we will hire them. From a demand perspective, we probably don't hire as many new grads with those types of skill sets." | Central |
| "Basic specialized knowledge, you're only going to get that, I think, in a graduate level program where you've gone to law school and you've been exposed to fiduciary laws and practices. I don't know where else you get it. It's probably true for ESOPs, too. If you've gone to law school for employee benefits types of training, to be able to translate that, that's important; you just aren't exposed to it in undergrad work. So, I think that's how most of our folks will bring those skills in. On the personal trust side, more and more, we're hiring attorneys. I think for larger organizations in larger cities that's always been the case. Today, the challenge is to take that type of skill set along with the other front-office challenge, which is the sales skills. It's still hard to have the technical skills and still have the personal relationship management skills that go along with growing and developing a business." | Central |
| "Interviewer: If you focus for a moment on 401(k) plans, is there any reason why the basics of administering a plan couldn't be a part of a curriculum? Employer: No reason. Historically—and those of you in academics may know the reasons—but our industries have provided our own training. So, it's mostly industry-sponsored training. So, we take the basic skill sets that come out from academia and then we provide specialized training. The more specialized it is the more you can't afford to do it. Interviewer: At the institution? Employer: At the institutional level." |
Central |