Annual Dolan Lecture features Bank of America CEO Brian T. Moynihan
With the recent extraordinary turmoil in the banking and financial sectors, industry leaders must navigate very carefully. Earlier this month, over 200 undergraduate and graduate students from the Dolan School of Business and members of the community had a special opportunity to hear from one of the industry's top executives, Bank of America CEO Brian Moynihan. Mr. Charles Dolan, benefactor of the School of Business and sponsor of the annual lecture was also in attendance.
In a conversation with Dr. Walter Hlawitschka, associate professor of finance and chair of the Finance Department, Moynihan had rapid-fire responses to a range of questions about the job market, to the dominance of the financial industry, to executive compensation.
Moynihan believes that employment numbers are showing steady improvement, supported by other positive market indicators, including an increase in consumer and leisure spending. In the wake of the financial crisis, many have argued that the financial sector plays too dominant a role in the overall economy. However, Moynihan responded that the size of the financial sector is driven by the size of the overall U.S. economy - currently estimated around $15 trillion - and plays an essential role providing financial services and capital to local communities and businesses.
When asked about concerns over financial institutions being "too big to fail," Moynihan replied that it is not size that makes banks fail, but rather the lack of capital to account for the risk taken on, as well as a lack of understanding of the financial products themselves. Moynihan went on to state that the main challenge during the financial crisis was that there was no defined resolution process for regulators to methodically "unwind" the investment positions of troubled financial institutions.
Bank of America evolved from a small North Carolina bank through a series of mergers to a global institution with 57 million customers in the U.S. alone, servicing one in five American mortgages, and employing nearly 300,000 workers. Moynihan became the bank's president in January 2010.
Moynihan's advice for business students was to "take a job," and not be excessively particular about which job because it is all experience and it is easier to find one's way from within the job market. He also advised students to find something they are passionate about, since passion is not something that can be learned, and that will come across to their prospective employer. "Make sure there's something you're passionate about, and describe it in your interview. It can be a non-profit, a for-profit, community service, religious studies, math or science - but you need to bring that passion with you."
Alumni Career Webinar Series launches April 19
In three Tuesday sessions on April 19, May 24, and June 21, Kristin Kane '04 will offer free webinars to Fairfield alumni on networking, leveraging the current job market, and interviewing strategies. Don't miss this opportunity!
Kristin Kane is the director of Social Media & Recruiting with Kane Partners LLC, an award- winning technical staffing firm located in the Philadelphia area. Kristin has been an integral part of Kane Partners' online, television and social media presence since 2004. Last year, Kristin launched a new Career Services and Social Media division, which is currently completely referral-based. She has been a regular guest expert with NBC 10 Philadelphia as an on-air expert, blog contributor, and keynote speaker for the "Get a Job" series, sharing her expertise on career, job strategy, and social media topics.
Tuesday, April 19, 1-2 p.m. EST
LinkedIn: Networking with Alumni
- Building an Optimized Profile
- Setting Preferences
- Etiquette for Accepting/Sending Invitations
- Benefits of Groups
- Finding Alumni
- Career/Business Development Tips
Tuesday, May 24, 7-8 p.m. EST
Leveraging the Changing Job Market
- Explaining the "Hidden Job Market"
- New Resume Formatting Tips
- The Online Application
- Impact of Social Media
- Networking Strategies
Tuesday, June 21, 1-2 p.m. EST
Interviewing Strategies and Techniques
- Expectations of an Interviewer
- Preparing for the Interview
- Interview Do's & Don'ts
- Handling the "tough questions"
- Discussing/Negotiating Salary
After registering, you will receive a confirmation e-mail containing information about joining the Webinar. PC-based attendees need Windows® 7, Vista, XP, or 2003 Server; Macintosh-based attendees require Mac® OS X 10.4.11 (Tiger®) or newer.
Fairfield alumni now have direct access to job opportunities as well as unlimited access to career information, such as industry profiles and tips on resume-building and interviewing. Here's what else you can do through Experience Alumni:
- View job postings from Fairfield alumni employers who seek alumni candidates
- View job postings from non-alumni employers who specifically want Fairfield alumni candidates
- Upload your resume to allow potential employers to find you
- Utilize salary comparison tools
- Read articles on work/life balance, managing your career, managing your money, and more
- Sign up for newsletters that provide job search guidance
To use Experience Alumni, simply create an account.