Finance Questions: Ask the expert (kinda)

Experience.com is a complete resource for students. One great service is individual attention, and that's what we have today. Below are some questions related to the finance industry. I'll answer them based on my expert knowledge of the field, even though I'm not in the field. I'm still a student and I'm asking some of the same questions, but I'll provide my thoughts and we can get the conversation started on these important concepts. As always, please add your thoughts to the comments below; if we can start a continual dialogue about these questions and others, I'm sure we'll all learn something essential.

Question: I obtained a bachelors degree in Accounting 2 years ago. I have been attempting to find a job, but have been unsuccessful do to lack of experience. How can I increase my experience?? --Daniel, OH

This is my fundamental question about the continual job search. That is, I understand how you can get a job and how you can move from job to job, but where does that first one come from? How can you get the needed experience to get hired? Its a paradox. Even if you start young (i.e. freshman year of college) and are just looking for an internship, they want experience, which is just what you want to get! Speaking of a paradox, check out this picture. I cannot figure out what is going on (click to see full size...it looks like its moving...but its not).

The first option to resolve this paradox, and my favorite, is to work your network. Get a job or an internship in high school or the early years in college with a legitimate company (legitimate in that its a "real" job, hopefully more "experience" orientated than say lifeguarding). To get this job, ask your parents to hire you for their small business, or ask their managers if you can get a summer job in their office. Or, you can ask members of your synagogue, church, or other place of worship if they need someone just for the summer. If you can find someone who knows you, trusts you, and wants to help you, the first job is simpler than you can imagine. The one catch to this plan is your preferences: you might have to work someone less-than-exciting doing less-than-desirable work. Maybe you file for a summer or work with a database. It might be boring, but it gives you the line on your resume and the experience where you worked a job, learned how to interact in a business setting, and hopefully have some contacts and references for your next search.

For Daniel, and others with a degree, looking for that first job without time for a traditional internship or network-found job, its slightly more challenging. You can still work an internship, but you make an even bigger sacrifice because you have a degree and don't get paid. But maybe the sacrifice is necessary. If you work an internship for free or take a job with someone you know, you can grab your needed experience after only 6 months or a year, then restart your search.

A second option, only available to those with serious financial resources, is a program such as University of Dreams. This is a pay-to-break-the-cycle program. You pay the organization ~$5000 (just an approximation) and they arrange your internship (or at least get you connections, you still have to pick one and interview, but its much easier than on your own), housing, and programing, all in an amazing place to live for a summer or a semester. I had two friends intern in NYC for the summer with University of Dreams. One worked with an investment back and the other worked for the Equal Employment Opportunity Commission. Another friend spent the summer in Barcelona working for a finance company. These jobs cost money to get--the exact opposite of what I want in my employment--but the participants got the experience needed to effectively apply for future position, and at the same time, had a fun and exciting time in a new city, with housing and meals planned out and engaging programming provided.

That's my best advice. Its certainly not related specifically to accounting, but I believe the same principles apply to nearly all industries. With accounting firms, if you're interested in the "big" corporations, I would venture to say that you are less likely to score a low level position just for the summer or for an internship and work your way up. But if that's your goal, try to find a local small accounting shop where you can learn the lingo and the tools, make some connections, and prove you're ready for your dream job.