Intervju med Joacim Söderlund
Program: Ekonomlinjen
Specialisering: Redovisning/Finansiering
Utbildningsstart: H92
Titel: Senior Management Consultant
Företag
Capco
Lite om dina arbetsuppgifter
Mina arbetsuppgifter består av att leda ett virtuellt team som ansvarar för projektledning och change management för våra kunders räkning. Detta innebära mer konkret processändringar och optimeringsarbete, lansering av nya produkter (fonder och försäkringslösningar), likvidering av fonder, ändring av förvaltningsmandat och mergers av fonder och försäkringsbolag.
Vad läste du på C-nivå och D-nivå?
Jag läste redovisning på C-nivå och Finansiering på D-nivå.
Varför valde du dessa kurser?
Anledningen till detta är att man som ekonom bör kunna hantera siffror och för att de hårda kunskaperna allt som oftast efterfrågas på arbetsmarknaden i större utsträckning än "mjuka kunskaper" som marketing och organisationsteori. Det är i regel ett litet fåtal studenter som kommer direkt från skolbänken till att jobba med strategisk marknadsföring, länderetableringar eller liknande.
Vad skulle du rekommendera våra nuvarande studenter?
Mitt tips dagens ekonomstudenter är att lära sig räkna och att alltid sträva efter fortbildning. Universitetsexamen är endast ett "körkort". Är man intresserad av att arbeta internationellt är det önskvärt att komplettera universitetsutbildningen med en CFA, Six Sigma Black Belt eller något av PMI's Certifikat beroende på vad man jobbar med. Amerikanska standards och certifieringar är mycket eftertraktade bland arbetsgivare, inte minst i Asien.
Did you know what you wanted to work with, when you studied at the university?
No
Do you think that your career is connected to your education?
Yes
Can you tell me about your career so far? Where did you start? Where have you been working?
After graduating from the university, I started my career in Audit (Deloitte), a classic entry for people who graduated in Accounting and Finance. It is very useful to see different client companies in different lines of business, although I soon felt that audit was not what I wanted to pursue a career in.
After Deloitte I worked for SEB in different roles in the Wealth Management division in Stockholm and Luxembourg. I was stationed three years in Stockholm and five years in Luxembourg. Job tasks included Fund Accountant, Project Manager and Investment Analyst/Portfolio Manager.
After SEB I moved on to take on a role as Head of Administration at Nordnet Securities in Luxembourg. I stayed there for a year and a half.
Then I re-located to Zürich, Switzerland to take up a role as Vice President and Head of Operations at Morgan Stanley in Switzerland.
After working for Morgan Stanley I worked for Royal Bank of Canada as Head of Client Solutions in Switzerland.
I currently hold a position as Senior Management Consultant with CAPCO a consulting company specializing in banking and finance.
What was your job like on a day-to-day basis, on Morgan Stanley? Could you describe a typical day?
At Morgan Stanley I managed the Operations department in Switzerland with 25 people divided into five teams. The teams were responsible for trade support, payments, corporate actions, settlements and client reporting. With 5 direct reports, I had scheduled weekly one-to-ones with them on top of the weekly Operations meeting where we discussed various work-related topics.
I was also heavily involved in various strategic projects and as the Head of the Department; I was a contact person for our Investment Advisors (Account Managers).
This meant that I spent at least 50% of my time on telephone conferences with colleagues in Hong Kong, London, New York on a daily basis. There were also meetings with colleagues from other departments in Switzerland.
American investment banks such as Morgan Stanley and Goldman Sachs pay a premium in the business, but they also expect that their employees are available pretty much 24/7. Since there is always some office open during the day, it was not uncommon that I had to attend phone conferences in the evening or work on weekends etc.
In Summary, here is what a working day could look like:
07.30 – 09.30 Catching up on emails sent from the U.S. the night before, or from colleagues in an earlier time-zone (Hong Kong, Singapore etc)
09.30 – 12.00 Phone Conferences regarding project ABC.
Lunch at the desk
12.15 – 13.00 Weekly meeting with team leader XYZ
13.00 – 17.00 meeting with Investment Advisor DEF or Head of Branch Admin, or Internal Auditors or Compliance etc.
17.00 – 19.00 Catching up on emails received during the day.
Can you summarize the positive and the negative aspects of your choice of career?
Working in the financial industry can be financially rewarding and you learn a lot in a very fast paced environment. The employers are very performance oriented and focused on results. Especially if you work for an American investment bank.
The drawback is that you can get stress related illnesses and burn out if you´re not careful. Long working days are expected and the job is very stressful. It is very un-secure and you can be made redundant at any time.
Considering all the people you've met in your line of work, what personal attributes are most important for success, in your opinion?
Ambition, drive and determination. Be willing to go the extra mile. Political skills. Being able to promote or “sell” your achievements (managing upwards) Being able to stab colleagues in the back helps…
In your experience, what holds people back in your field (or your firm), for example, in terms of skill deficiencies, personality characteristics, or behaviour or thought patterns?
“Job protection”. “NIH – Not Invented Here”. Constantly negative and whiny people.
How do people learn and develop their careers on a company like Morgan Stanley?
Morgan Stanley has a very well organized and clear career development. It is “up or out”, based on the standard deviation a.k.a. “bellcurving”.
Managing Director (formerly partner, before the MS IPO in 1986)
Executive Director
Vice President
Director
Manager
Associate
Analyst
The top three (VP, ED and MD) are Officers or senior management level. Each grade has different requirements in the different knowledge areas. Doing your daily job is not enough. You are expected to have communication skills, knowledge about the business, assertiveness, efficiency, leadership skills etc. The more senior you get, the more business- and sales oriented the goals and requirements get.
What next steps do you think I should take to prepare myself to work in a career like yours?
Do some research about companies you may be interested in. Corporate culture can be very different. Lehman Brothers for example had the reputation (at least among people I know in London) of being very cut throat. It was said to have a lot of back stabbing and office politics. The same goes for Deutsche Bank.
It can be very useful to speak to recruiters or company representatives at career days at the university, although they may be over-selling the company. It could be useful to contact someone you know who is working for the company or has worked there in the past. Someone who can give an objective view on the company.
Are there other important sources of information you recommend that I look into, such as professional publications, professional associations, LinkedIn groups, or web sites?
It may be useful to speak with some head hunters in London. Many of them are just useless sales guys who want to circulate your CV to employers, but some can actually provide information on companies, how they work and what the corporate culture is like.
Secondly, I am a fan of pseudo-scientific management literature you can buy at airports for example. Most of it is crap, but among all these books there are actually a few worth reading. For example: Dale Carnegies classic “How to Win Friends and Influence People” and Lois P. Frankels “Stop sabotaging your career”.
Do you have any general tips or ideas to success in a field like finance?
Find a good boss. If you´re not happy – change boss.
Find a company that have a plan for their employees. A company which invests in education and training and have a clear career and development plan for all employees.