Black MBA - Spring 2008 - (Page 60)

CAREER Financial Planning options that they don’t often know what to do with,” says Cheryl Washington, MBA, Financial Advisor in the Global Wealth Management Organization for New York City-based Merrill Lynch. DIVERSITY IN THE INDUSTRY While diversity is on the increase among financial advisors and estate planners, simply put, the industry has not kept up with the changing face of wealth. “The caveat is that the amount and breadth of diversity on the side of providers lags the breadth of diversity on the side of the clients,” Thomas says. Both Washington and Thomas believe holding an MBA degree isn’t necessary to sustain a successful career in financial advising. However, they assure the degree adds credibility and trust with clients who expect informed, sophisticated answers to financial queries. “When you’re hired with a business degree in a financial area, you’re basically hired to solve problems,” Washington says. “If you have this degree and understand business, this will help to solidify a potential client You can leverage this as they start to create wealth… and you’ll become their trusted partner along the journey.” So, how can MBAs become successful in this industry? Frankly, Washington says, “It’s tough. You’re leaving a six-figure salary to build a business within a business. You only have so much time to build your business. The longer you’re in it, [the more] it grows.” Furthermore, she says, “There are not a whole lot of African American dollars within Merrill Lynch. They [minority clients] need people like us to get them in Merrill [Lynch].” TAP INTO YOUR NETWORK Thomas believes success is unlimited for MBAs given their strong skills. Yet, he urges MBAs to remember another powerful asset – their network. This is exactly what both Thomas and Washington did. They are members of the National Black MBA Association®, and each continues to benefit from the organization in individual ways. Thomas’ involvement with the NBMBAA® has varied over the years because of career changes and personal obligations. However, he is currently an active member, and he considers the organization a must-join for MBAs and other professionals. “The NBMBAA® provides resources for you no matter where you are in your career…from aspiring MBA to senior executive,” Thomas says. Washington credits the National Black MBA Association® with providing much of her clientele. “I have attended [NBMBAA®] conferences for 12 years,” she continues, “and the people I meet… need my services. Most of my clients are members of the National Black MBA Association®.” TAKE THE LEAP? In short, anyone in the market for a financial expert wants a trusted partner. The mounting net worth of minorities, calls for more diverse financial advisors and estate planners, and an MBA degree makes you more desirable and credible. On the other end, the opportunities in the industry are endless for MBAs to build their own sustainable businesses. There are no limits to the earning potential in this field, and it also offers the kind of schedule and calendar flexibility many professionals crave. The profession is ideal for those who love a challenging, fastpaced, high-stakes business, and who aren’t afraid to leverage their networks – including contacts from the NBMBAA®, additional professional, alumni and social organizations, and even family circles. Don’t underestimate the power of a referral, because, again, individuals serious about wealth building and asset protection – want people they trust backing them! mba Kristen Youngblood is a Washington, D.C.-based writer. Opus College of Business at the University of St. Thomas recommend particular majors and mixes of coursework to prepare for careers in such industries, but in general, the targeted majors are accounting, entrepreneurial management, finance and marketing. Additionally, the industry doesn’t demand an advanced degree or MBA. Often, individuals with undergraduate degrees in finance, accounting and marketing can land a job in the industry. If employers are hiring at the undergraduate level, what makes these desirable professions for MBAs? Is it worth going back to school to train as an estate or financial planner? Growth alone may answer this question. Because of the tremendous amount of wealth being created today in the U.S. and globally, Shundrawn Thomas, MBA, Senior Vice President of Strategic Planning for Chicagobased Northern Trust, predicts a continual growth in demand for financial expertise. “I f you lo ok at demog raph ic trends,” Thomas says, “the number of millionaire households in the U.S. is growing much faster than the rate of overall households. They’re growing on an average of about 10.5 percent!” He adds that more people are taking an active role in controlling their assets – citing the Internet as a resource and the desire held by many to learn more about investing. But most can’t do it all by themselves. “The fact that there are more [minorities] becoming educated and climbing the corporate ladder means [minorities] are also receiving stock 60 BlackMBA • Spring 2008 • www.nbmbaa.org http://www.nbmbaa.org

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Black MBA - Spring 2008 Passion, Purpose and Power Contents Web Browsing From the President & CEO Up Front Advertising for Change CEO to CEO: Straight Talk with Barbara L. Thomas and Renetta McCann The New Executive Search Wealth Building: A Head Start on Investing and Saving Young Continuing Education: Lifelong Learning is Easier than You Think Making Good: Catching up with some of NBMBAA’s 2007 Scholarship Winners On Campus: Universities Win Grants to Fight Poverty Public Service: Does Your MBA Fit in the Government Sector? Bridge Building: Make a Career of Giving Back Steady Speed: Kim Harris Jones Shares what Drives a Successful Auto Industry Career Financial Planning: A New Way to Work Your MBA Global Focus: Keeping up with the Competition Clock On the Move: Member News, Promotions and More Industry Focus: Biotechnology, Energy, Food & Beverage, Global Media and Entertainment Employer Profiles: Campbell Soup, FINRA Financial Finesse: Denise Hales Harrod and CompuCredit Advocate for the Financially Underserved Creating Lasting Change: GE Impacts Quality of Life in Africa William W. Wells Jr.: Finding Strength in Diversity Leaders of Tomorrow® Community Service Program: NBMBAA® and Wal-Mart Partner to Reward Students Who Give Back Reaching Out: NBMBAA® Chapters Give Back to Their Local Communities How To… Buy a Franchise: Understanding the Basics of Acquiring a Franchise After the Gridiron: Keith Sims – Dunkin’ Donuts Franchise Confidential: Paul Hubbard – Papa John’s pizza Strength Through Adversity: Bob and Hortense Bobbitt – McDonald’s On the Ground Floor: Valerie Daniels-Carter – Pizza Hut, Burger King, Auntie Anne’s Use Your Superstar Status: Black Entrepreneurs Break into Japanese Economy Marketing Maven: Odyssey Media Entrepreneur Linda Spradley Dunn Staying the Course: Black Marathoners Share Lessons from the Race Relationship Forum: Soul-Mate Strategies for the Career-Minded Vacations that Matter: Travel to Make a Difference Advertisers Index

Black MBA - Spring 2008

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